Investing whilst in the phils

[subseastu]

Morning all

Don't know if anyone can help me on this but its worth a try. As a resident in the uk I currently invest in a stocks and shares ISA. We're looking at moving on a permenant basis to the phils so we will rent out our house in the UK. So will I be liable for capital gains tax on my rental income and am I still able to invest in my ISA and maintain the tax free status on that? The ISA will be used for my twilight years when I retire.

I believe to be tax free from the Uk you have to go non-resident (fill out a P85 form) and have no property registared to you in the UK.

cheers all

[miss.piggy]

Morning all

Don't know if anyone can help me on this but its worth a try. As a resident in the uk I currently invest in a stocks and shares ISA. We're looking at moving on a permenant basis to the phils so we will rent out our house in the UK. So will I be liable for capital gains tax on my rental income and am I still able to invest in my ISA and maintain the tax free status on that? The ISA will be used for my twilight years when I retire.

I believe to be tax free from the Uk you have to go non-resident (fill out a P85 form) and have no property registared to you in the UK.

cheers all

Hi Subseastu,

I read the post to my husband and although he's got an experience relating to both your questions, he suggested that you call your ISA provider to clear the issue up before you leave. As far as he know, you can't get tax relief specially that you'd be living abroad. BUt best bet is to call your provider.

Regarding the house rental, you'd get taxed for the income you will generate from renting the property. Capital gains is only for buying and selling the house.

[fred]

Yeah you will have to pay tax on any declared cash...Note the word declared however.
We dropped our ISA`s as all our UK savings interest is tax free anyway as we are no longer UK residents.
(Thank God)

[subseastu]

Thanks for the replies folks

From what I' ve read you can maintain ISA's for 3 years then cash them in as you'd be no longer classed as a resident and therefore not eligable for tax relief. But your right I'll try to talk to a advisor that deals in expat issuses.