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Where Taxpayers and Advisers Meet

Moving overseas - Tax breaks of this...?

Rick
Posts: 15
Joined: Wed Aug 06, 2008 3:01 pm

Postby Rick » Mon Jun 30, 2003 4:35 am

A family member is due to move to Qatar for a couple of years, are there any general tax advantages of this. He and his wife both earn a salry in the UK and will continue to work in Qatar, he also receives some annual rental income and dividends

thanks

Rukesh

accountant@uktaxshop
Posts: 550
Joined: Wed Aug 06, 2008 3:04 pm

Postby accountant@uktaxshop » Mon Jun 30, 2003 6:45 am

Rukesh,

in general you family member will not be liable for taxes on income once residence has ceased.

However the rental income will remain taxable within the UK,and a special registration scheme operates to allow the deduction of the basic personal allowances from rental income rather than the default decuction at source that would otherwise apply.

I would advise you get this set up properly prior to leaving the country. I could undertake this for a modest fee.

One advantage of being an ex-pat is the CGT on the rental property will not become due, which may be of some advantage.

I do not have any prior knowledge about the treatment of UK incomes in Qatar, and it would be prudent ot seek local advice.

Regards

James Smith
Chartered Accountant
www.uktaxshop.co.uk
01284 764436

EXPATAX@BLUEYONDER.C
Posts: 7
Joined: Wed Aug 06, 2008 3:04 pm

Postby EXPATAX@BLUEYONDER.C » Tue Jul 01, 2003 3:38 am

Rukesh,

With regard to the CGT on the UK property, your client needs to be outside the UK for 5 complete tax years before this will be free from tax. All assets sold during the overseas period of less than 5 years are treated as sold in the year of return i.e. only one CGT annual exemption.

Any other expat tax questions inc US tax let me know.

JRC
Posts: 2
Joined: Wed Aug 06, 2008 3:04 pm

Postby JRC » Tue Jul 01, 2003 3:40 am

I am planning on moving to France with a view to purchasing a property. I do not own property in the UK. Will my property in France be deemed my principle residence, and can I dispose of it without penalties within 5 years if I so wish.

Ian McTernan CTA
Posts: 1232
Joined: Wed Aug 06, 2008 3:02 pm
Location: Bedford
Contact:

Postby Ian McTernan CTA » Tue Jul 01, 2003 8:44 am

If they are UK domiciled then if they remain ordinarily resident in the UK there may be tax implications on money either earned or remitted in the UK.

They need to seek professional advice on exit and entry planning as they may be able to minimise any potential tax liabilities, dependent on all the circumstances.

Ian McTernan CTA
McTernan Associates Ltd
ian@imcternan.com
McTernan Associates Ltd
Chartered Tax Advisers
Bedford
Email through link on website:
http://www.imcternan.com


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