BristolSydneyEd Posted July 22, 2020 Share Posted July 22, 2020 Hi All, Just wondering if someone can point me in the right direction....i own a home in the UK which my mum lives in, she pays no rent to me (retired) and i have a very small mortgage which i pay around 1500 pounds a year for. My mum pays any other bills including maintenance from her pension, i literally just have my name on the deeds. Do i need to be paying tax of any kind here on it ? i get no income from it whatsoever (i make a 1500 pounds loss per year) and it is actually a drain on me if i am honest living in Sydney........i am actually wondering if i could use its capital to buy a home here......'thinking out loud' ? Thanks in advance Quote Link to comment Share on other sites More sharing options...
Marisawright Posted July 22, 2020 Share Posted July 22, 2020 Do you pay tax of any kind in the UK on it? Quote Link to comment Share on other sites More sharing options...
LouDYorkie Posted July 23, 2020 Share Posted July 23, 2020 From what I understand:They will not pay any tax currently in the U.K. given it is not rented out, it’s only rental income that would be taxable.When/if they sell, there may be Capital Gains tax to pay in one/both jurisdictions as the calculations and criteria are different. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.