Blonde and tired - help please!
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Someone who is UK resident and employed has a holiday home in Ireland (southern).
Where are they taxed on this income????
I know that I should know the answer, but brain is frazzled - been working for 13 hours now, and still going - caffeine, nicotine and chocolate :oops: :oops:
Claudia
Where are they taxed on this income????
I know that I should know the answer, but brain is frazzled - been working for 13 hours now, and still going - caffeine, nicotine and chocolate :oops: :oops:
Claudia
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Comments
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Re:Blonde and tired - help please!
Anybody who is ordinarily resident in the UK is taxed on their worldwide assets in the UK.
Hope that helps. Not long now till the end of Jan!!
Steve0 -
Re:Blonde and tired - help please!
Thanks Steve
Only 28 1/2 hours to go - not that I am counting or anything
Claudia
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Re:Blonde and tired - help please!
It all so clear now - and I can even remember that it is on the remittance basis as well....
Amazing what some sleep can do
Claudia
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Re:Blonde and tired - help please!
Sometimes when you overdo it you can't see the wood for the trees.
Well at least it's all over for another year (at least for us anyway). I've still got 3 tax returns but they've not given me the info so it's tough.
Regards.0 -
Re:Blonde and tired - help please!
Yup - only one who is in hospital!
Now I've just got to remember all the things that I promised people I would do tomorrow :oops:
Claudia
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Re:Blonde and tired - help please!
Isn't remittance basis only if non-UK domiciled as well?
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Re:Blonde and tired - help please!
I thought my memory was right in that non UK income for UK residents was remittance - will have to check sometime.
Claudia
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Re:Blonde and tired - help please!
Definitely not remittance basis for UK-doms as a general rule, wasn't sure whether there was anything quirky about holiday lets.0 -
Re:Blonde and tired - help please!
Who knows :roll: As they dont need their tax return by tonight, I have added to my incredibly long list of things I must do :shock: I just wish that I knew where I had filed it
Claudia
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Re:Blonde and tired - help please!
don't quote me on this, but I would have thought he'll be taxed on the income as he's resident in the UK, but if he has to pay irish tax on the income as well he may able to get credit for some or all of the foreign tax paid under the double taxation rules.
I'm with dean on it not being on a remittance basis as he's domociled here.0 -
Re:Blonde and tired - help please!
OK guys - my book says:
"Rent and other receipts from properties outside the UK are taxed separately under ITTOIA 2005, Part 3, Chapter 11 on a remittance basis"
At least I have a year to sort this out :?
Claudia
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Re:Blonde and tired - help please!
ooo well you learn something new every day, just like they say!
if a client of mine ever buys a foreign property i'll be coming to you for advise
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Re:Blonde and tired - help please!
Claudia, unfortunately Chapter 11 only applies to "a person to whom the remittance basis applies" i.e. a non-dom UK res.
You need to apply Part 3, Chapter 3 sections 269(2) and 270(1).
"Profits of an overseas property business are chargeable to tax.. ..on the full amount of the profits arising in the tax year.. ..if the business is carried on by a UK resident."
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Re:Blonde and tired - help please!
Dean - thanks.
Claudia
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Re:Blonde and tired - help please!
I have no idea what you're all talking about but it is interesting in my non-understanding way and hopefully one day it'll all make sense to me!
Now I'll just get back to the lower leagues of the forums before I get a nosebleed!
Robert0 -
Re:Blonde and tired - help please!
Are you still smarting from your pinch and punch
Claudia
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