3 ms·
hear hear. the UK is one of the few places in the world that a non-tax resident can buy land freehold. That means the owner pays no tax on gains and no tax on r
by steaminghacker 11y ago
hear hear. the UK is one of the few places in the world that a non-tax resident can buy land freehold. That means the owner pays no tax on gains and no tax on rental income (There's been talk of taxing them but how exactly?).
Here in London, all these new shiny builds with glass and metal balconies are selling (ok about 60%) to rich people overseas who are not UK taxpayers. They like new builds because they can buy off plan without ever seeing the actual property.
- kale 11y agoCould you not levy a tax, and if after x number of years of no tax income, have the state repossess? You could have the tax information as a required document for purchasing land.
- zepto 11y agoThis is false. Rents have always been taxable in the UK, just like any other business income generated in the UK, whether or not owned by a non-resident. Capital gains on property for non-residents were indeed not taxed until 2014, but that loophole is now closed.
- steaminghacker 11y agoLet's say I'm Chinese and do not set foot in the UK and you are my tenant. You pay money into my bank account. I do not file a UK tax return. how exactly am i taxed on this rent. Capital gains do not apply to companies. I own the property through a company, whence no tax.
- zepto 11y agoYour first example has nothing to do with UK law. It is illegal tax evasion that is possible in any country.