Non-UK resident homeowners, who have moved abroad will be liable to pay capital gains tax from 2015 on their UK properties.

Capital gains tax will be payable on property value increases

Tax will be up to 28%

You can take action now by becoming your own financial adviser.

UK expats
Homeowners who are non-resident in the UK for tax purposes will be liable for capital gains tax from 2015. Capital gains tax is payable on any property value increase after April 2015. Currently, any British resident pay up to 28% capital gains tax on gains over £10,600, although this does depend on income. Those British residents or ex pats that bought a property in the UK, where the value of the property has increased will be required to pay up to 28%, even if the person is no longer resident in the UK.

US expats

United States expats who earn money abroad, work abroad and spend at least 330 days a year living outside of the US are already required to pay tax, however the Foreign Account Tax Compliance Act (FACTA) comes into power in July 2014, which will cost expats even more. Under the law, all banks in the Gulf and Saudi Arabia, will have to declare all persons who hold accounts that have assets over $50,000, the UAE banks and leaders are also likely to comply.

Protect yourself: Become your own financial adviser.

By learning about all of the options available to you it will be much clearer to make decisions about how you can protect your funds and assets as an expat.

Fund Advisers based in Business Bay is an accredited learning centre, used by global banks. Fund Advisers are offering free financial planning lessons to teach people how to make informed decisions about their finances. In the course you will learn about investments, insurance and pensions as well as how to choose the right products for your personal circumstances

Understand your options and be financially savvy.

For further information and to book your free place at the next “Be Your Own Financial Adviser Workshop” please contact Danielle Suchley, Head of Global Operations on 04 567 4500 or 800 ADVISER or email danielle.suchley@fund-advisers.com.

Information courtesy of Financial Advisors