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Hot on the Heels of Asia Pacific Pensions’ Seminar the Taxing of Expats hits The Headlines …………..


Hot on the Heels of Asia Pacific Pensions’ Seminar the Taxing of Expats hits The Headlines …………..

                              Asia Pacific

Last week it was announced that thousands of Britons living abroad face being caught up in a tax raid on wealthy foreigners buying and selling property in the UK. George Osborne, the Chancellor, is preparing to announce that capital gains tax will be charged on British property sold by overseas nationals and expats.

Tax experts warned that the measures could have significant consequences for Britons who go abroad to work while retaining property in the UK that they may wish to sell.

The new policy would impose a capital-gains tax of 28 per cent on the sale of second homes in the UK that are owned by overseas investors, including expats.

Mark Pearce, an expert in domestic and international tax at the law firm Thomas Eggar, said: “Lots of Britons who move away either because of work commitments or retirement retain a presence in London in order to visit family and friends. It is going to have significant consequences for those who work in international companies who may go away for five to 10 years but plan on returning who for whatever reason may need to release capital by selling their homes in the near future.”

This week A Manchester tribunal ruled that a Cheshire couple who moved to Portugal more than 10 years ago are still classified as UK residents, leaving them liable for a £600,000 tax bill.

Pauline and Stephen Rumbelow, a property developer, left England in April 2001. After briefly living in an unfurnished flat in Belgium the couple moved to a property in Portugal.However, HMRC refused to accept that the couple were resident abroad in the tax years 2001-2005 and charged the couple with retrospective tax demands.

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