[LILAN]

Originally Posted by Pekkerhead

hmmm, I was thinking more like a Fiat Panda or a 50cc moped.

Actually what is the case when the mortgage isn't quite being covered by the rental income (as in my case I still have to cover about 100 quid per month). Bearing in mind I am registered as NRL and have no intention of going back to the UK for at least 2 years (and even then only for a quick trip - 1 week maybe) and have no income here? (let the missus do all the hard work I say)

Hi All

New to the forum and moving abroad.

Just to pick up on this note about rental income. If the rental does not cover the mortgage, obviously I will need to cover the shortfall. if i transfer the money across from the Hk (my income) will I be liable for uk tax on the money I transfer in

[cendrillon]

""taxed at source" at 10% and is not offsetable against the allowance. However, all bank interest within the allowance is refunded. Even better is to tell your bank that you want the interest paid gross and they will send you the appropriate forms."

Out of interest, does this 10% tax also apply to non-resident, non-citizens? Wouldn't that make it extremely unattractive to buy stock through the London exchange, esp. if the company has ADRs in HK and the US?

[cendrillon]

Originally Posted by HKNewBi

You will be subject to CGT if you return to the UK within 5 years of moving to Hong Kong. So if you do sell now, make allowances for a tax bill if you return in 2 years time.

Are you saying that if you leave the UK for more than 5 years, and sell your UK property, that you will NOT be liable for CGT?

[HKNewBi]

Originally Posted by cendrillon

Are you saying that if you leave the UK for more than 5 years, and sell your UK property, that you will NOT be liable for CGT?

Yes, you would be classed as non resident and therefore no CGT liability.

It is pretty complex with various reliefs that can be applied if you can prove the property was your Primary Place of Residence at some point.

[cendrillon]

So for foreigners who are never resident in the UK, we can invest in UK property and sell later on CGT free?