I am about to start work in an overseas job. I remain with the same employer and due to the nature of the contract will remain a UK resident for tax purposes. Due to the overseas move I want to let my own home (it's my sole property, PPR, only in my name). The combination of salary and property income will push me above threshold income limits (£90k salary plus c£35k net property income). Is there any way I can plan to minimise what I think it going to be a fairly horrific tax impact?
I am one of a dying breed who is also part of a non-contributory defined benefit pension scheme. Due to the calculations, it's almost impossible to know in advance what the contribution will be. However, it's a fairly safe assumption that it will hover very close to or slightly above the £40k Annual Allowance.
What can I do to minimise the tax impact? In the absence of any good solution, what is the tax calculation likely to be (to help save for the bill during the year)? Is there any way I can change the ownership of the house to minimise the impact? Had I known what the tax rules in place would be, could I have bought the house in a more efficient ownership structure? This is because selling and buying again might be an option.
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