If I sell my house.....

samuela66

and put the proceeds into a savings account (about 70k) and go to work in the states for a while is my money okay or will the tax man want some!!!!! >:(

Walletwatch

Not sure on the one-time Capital Gains front, but otherwise, even at best rates, you would not touch the £4745 standard deduction in terms of interest income per annum... unless there are totally separate provisions for non-residents, in which case I am blabbering, so pls ignore

samuela66

You mean they would take 4750 off me each year! , but i wanna !!!!!! back and buy a house, should i take it with me put it my pops account or what!

Robert_Sterling_3

No he/she does not mean that at all.

Walletwatch

Hey Snoopy

Not to worry, first of all, to quell your fears, you'd lose none of your interest income, at least at current interest rates and with the current level of your principal amount (£70000, as I understand it is)

Your basic income per annum to the extent of £4745 is tax-free, and 70000 even at 6% p.a. would only come to £4200, way below this limit.

Ta

deemy2004

and put the proceeds into a savings account (about 70k) and go to work in the states for a while is my money okay or will the tax man want some!!!!! >:(

If your out of the country for more than 6 months of a tax year, then your not liable to pay UK income tax. (memory).

So obviously for the current tax year, its too late.

samuela66

Thanks Walletwatch and Deemy, I understand a little better now! :-*

cheerfulcat

Hi, Snoopy,

You will not be liable to capital gains tax, assuming that the house was the only one you owned and that you actually lived in it.

However you should be aware that in both the US and the UK, people who are resident for tax purposes are liable to tax on their worldwide income so you must declare the interest and pay any tax due in the country where you are resident. If interest is taxed at source then this is allowed for by the relevant tax authorities; you won't be taxed twice, but the interest must be declared.

HTH

Cheerfulcat