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Quicken

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Posts posted by Quicken

  1. Much more practical suggestion would be to level capital gains tax on UK non residents if they make a gain on any UK property (like Australia) and clam down on stamp duty avoidance scams but having houses owned by overseas companies.

    Your suggestion wouldn't work as you can become R for one year then buy and then change your status.

    Even if you come up with a good idea what are you going to do with it?????

    Hi grizzly bear,

    Your suggestion sounds sensible, but I am not convinced mine is unworkable. Residence may change annually, but ordinary residence is calculated over several years (see the link in my previous reply). Furthermore, I am not talking about buying property, but owning it, i.e. if residency status changes, then the property must be sold.

    I'm in contact with my MP (con), so I could pitch it to him.

    Cheers,

    Q

  2. Welcome Quicken,

    That would be nice but would probably be unenforceable unless you are just doing a 'resident in Britain for tax purposes' check. A lot of ex pats kept their houses on to rent out and provide themselves with a good income while they retired abroad.

    The tories would also scream about damaging foreign investment so it probably wouldn't happen.

    Hi and thanks,

    I am specifically talking about both resident and ordinarily resident as defined for example here:

    http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/LeavingOrComingIntoTheUK/DG_078447

    Since the government keep track of these for tax purposes, I think it should be enforcible.

    Yes, under my proposal, all those ex pats would have to sell, and yes some tories would scream.

    Cheers,

    Q

  3. Hello all,

    This is my first thread on the forum and apologies if the topic has been covered before, but I couldn't find it with a search. I have been toying with an idea for eliminating the foreign property speculation that is particularly rife in London, and I would appreciate some feedback. My suggestion is to restrict the ownership of UK residential property to those who are both resident and ordinarily resident in the UK. I see multiple benefits to this including decreased price speculation and increased property availability. The government might also see the appeal as it would eliminate one method for avoiding CGT.

    What do you think? Any downsides?

    Q

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