RetireJapan

KyushuWoozy wrote: ↑Thu Nov 07, 2019 4:09 am

eyeswideshut wrote: ↑Tue Sep 10, 2019 2:41 am he had a devil of a time getting a mortgage being a non-resident. He ultimately got one with a regional credit union thanks to diligent searching by his mortgage broker.

Yes, I've tried over the years never had any luck. If you know it, can u share name of the credit union and broker? Thanks in advance

Is this a credit union in the UK I didn't know that they did mortgages, just loans. It wasn't a local building society was it?

Sorry - I meant a building society. You are correct.

Wales4rugbyWC19 wrote: ↑Thu Nov 07, 2019 10:59 am
https://www.international-mortgage-plans.com/ If you want some more info, mail me. I am going through a second buy to let and the pace is glacial with all the documents you need.

I took my son to the Wales vs Fiji in Oita- great game even though they were 4 yellow cards. Funny to think the last rugby world cup game I went to was in 1991 Wales vs Australia; Wales were thrashed 38 vs 3. How times have changed!!!

I went to the England vs Australia game in Oita, glad we could get revenge on your behalf (apologies to Aussies on the forum).

Thanks for the web address, much appreciated.

eyeswideshut wrote: ↑Fri Nov 08, 2019 2:07 am Sorry - I meant a building society. You are correct.

What building society was it with?

I think with the changes that have already made by the present government and what they are proposing it makes a buy to let for expats in Japan an even more distant dream. I have nothing wrong with the changes, since they are kind of justified. However, not all expats are international businessmen jetting around business class on six figure salaries. Just allow us the vote for those long term expats over 15 years.

https://www.bbc.com/news/election-2019-50511007

Now the taxing question of TAX...
What are the tax implications of owning a property in the UK while resident in the UK.
I suspect the Japanese tax authorities will want to be informed.

Cheeseman wrote: ↑Sat Nov 23, 2019 5:38 am Now the taxing question of TAX...
What are the tax implications of owning a property in the UK while resident in the UK.
I suspect the Japanese tax authorities will want to be informed.

Do you mean while resident in Japan? If so then, yes, if you are receiving income on the UK property from rent, they will want to know about it. Now, the thing is, I think you also have to declare that rental income to the UK tax authorities (rental income not being excepted by non-resident status https://www.gov.uk/tax-uk-income-live-abroad/rent ). However, remember you also have a personal allowance in UK of 11k or so and if your entire income in the UK is under that you won't have to pay any tax there. You just have to declare. But you will have to declare here too as you must declare worldwide income.

I think that's the situation anyway, but happy to be corrected.

If you are an expat then you are most likely to be using a letting agent, you have to fill out an application form from HMRC and you can receive the rent gross from your agents. This means that you have to do a yearly tax return. As the above post stated you have quite a generous tax allowance for 12,500 pounds. Ground rent, service charges, house insurance, agent fees and mortgage interest (this one is changing in 2020) are all acceptable business expenses. The tax return is quite easy to do.

Cheeseman wrote: ↑Sat Nov 23, 2019 5:38 am Now the taxing question of TAX...
What are the tax implications of owning a property in the UK while resident in the UK.
I suspect the Japanese tax authorities will want to be informed.

You can deduct the depreciation of the property according to Japanese rules, which often means you can reduce your income tax. This is one reason real estate is so popular with high earners here.

RetireJapan wrote: ↑Mon Nov 25, 2019 2:39 am
You can deduct the depreciation of the property according to Japanese rules, which often means you can reduce your income tax. This is one reason real estate is so popular with high earners here.

If we assume UK property (unlike in Japan) is likely to appreciate rather than deprecate will this increase our income tax here? Or only when the property is sold (capital gains)?