Tax liabilities while liveaboard

[tracker]

If I'm living permanently onboard in the med and earning £20K rental income in the UK what sort of tax will I be liable for ?

I intend on renting out 3 properties in the UK including my permanent property.

Am I classed as a non-resident ? Do I simply pay the standard rate on the 20K ?

Any advice would be welcomed.

Tracker

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[MedMan]

This is a very complicated subject and not easy to deal with on an open forum like this.

I suggest you start by down-loading the appropriate leaflets from the Inland Revenue site <A target="_blank" HREF=http://www.yachtretreat.com>http://www.yachtretreat.com

 

[Redmond]

You will probably remain resident, but either way you will pay tax on the income. If resident you should still retain your tax allowance. If you want more definite info gove me the dtails and i will get my tax dept to check the numbers out

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[OzGirl]

If you are living permanently on-board as you say, then you are non-resident. The Revenue have a specialist section for Non-Resident Landlords and once you let them know you are in this category, that section will deal with ALL your UK tax affairs. Approach the Revenue directly.

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[rallyveteran]

IR138 makes it clear that you get a personal allowance for as long as you are a British citizen, regardless of whether you are resident.

AFAIK your liability to pay UK tax on income from property in the UK is unaffected by residence. Capital Gains Tax is different and you may not be liable for this if you are not resident (or ordinarily resident) for a long enough period.

Contrary to some advice, it is possible to be tax resident nowhere, provided you keep moving on. In this way you can avoind liabiltiy for CGT altogether

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[mocruising]

I have been resident in the ME for many years and we soon intend to semi retire and move onboard. We are both non resident in the UK and rent out 7 properties in England. Yes you will be liable for UK income tax on income derived there, however there is your personnal allowance and many "Expenses" you can set off against the tax liability. Agents fees,loan interest,10Þp for furnished and all the other costs like gas safety check, elect safety check agents fees VAT, repairs but not upgrades.

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