Robert
03-09-2010, 17:51 PM
I'm wondering if anyone can give me some general direction pls before I take further advice?
My wife and I have UK rental houses. We moved abroad 2 years ago, but it now looks like I may have to spend more time back in the UK as the managing agent arrangements keep breaking down. Selling doesn't look like an option at present due to the current market. So I suspect I may have to consider becoming UK resident again due to the amount of time I may have to spend there and the frequency of the visits.
In the past we've transfered a couple of houses between ourselves as and when needed to equalise the portfolio. Given that we declare all our rental income to HMRC and are taxed on this in the UK, the fact that one of us may become UK resident shouldn't change the income tax situation. But where would we stand on CGT if I transferred a house to her in the future if I'm UK resident and she is resident in a lower CGT regime?
Is there any specific HMRC guidance, or cases I need to look at?
Many thanks
My wife and I have UK rental houses. We moved abroad 2 years ago, but it now looks like I may have to spend more time back in the UK as the managing agent arrangements keep breaking down. Selling doesn't look like an option at present due to the current market. So I suspect I may have to consider becoming UK resident again due to the amount of time I may have to spend there and the frequency of the visits.
In the past we've transfered a couple of houses between ourselves as and when needed to equalise the portfolio. Given that we declare all our rental income to HMRC and are taxed on this in the UK, the fact that one of us may become UK resident shouldn't change the income tax situation. But where would we stand on CGT if I transferred a house to her in the future if I'm UK resident and she is resident in a lower CGT regime?
Is there any specific HMRC guidance, or cases I need to look at?
Many thanks