Letting UK Property out

[DaveS]

Today is letting research day! Yay!

I am getting stuck on one particular thing. My Wife is Australia and does not have UK citizenship. How does this impact our:

 

• tax returns to Australia and/or UK
  
• UK tax free thresholds
  

 

Thanks for any help, I will blog my notes once I am done for anyone curious.

It is a bit of a headache like most things migration related has been for me.

 

I am going to completely ignore the CGT implications - as that is unlikely to be a problem for a fair few years with UK property

 

Dave

[Alan Collett]

As below, in bold type. Hope the comments help.

 

Also, in case of need: http://www.gmtax.com.au/faqs/

 

Best regards.

 

 

Today is letting research day! Yay!

I am getting stuck on one particular thing. My Wife is Australia and does not have UK citizenship. How does this impact our:

 

• tax returns to Australia and/or UK
  
• => Your and your wife's worldwide income is subject to tax in Australia from the date your Aus tax residency commences.
  
• UK tax free thresholds
  
• => Both of you are entitled to UK personal allowances: Aus citizens are entitled to UK pa's by virtue of the Tax Treaty.
  

 

Thanks for any help, I will blog my notes once I am done for anyone curious.

It is a bit of a headache like most things migration related has been for me.

 

I am going to completely ignore the CGT implications - as that is unlikely to be a problem for a fair few years with UK property

 

=> Remember that the UK£ price going nowhere but the GBP strengthening against the AUD is sufficient to trigger a capital gain in Australia. Possibly offset by the forex loss if you have a GBP denominated mortgage.

 

Dave