Overseas Buyers of UK investment properties do not realize that for most nationalities, the UK allows income of up to £10,600 to be earned tax-fee
Lancashire, UK (PRWEB UK) 30 April 2015
Find UK Property conducts regular surveys on overseas investors who are looking to buy or have purchased property in the UK. A recent survey conducted in early February 2015 asked about awareness of the fact that they have a UK personal allowance. The UK currently allows expats and residents of many other countries to claim a tax-free personal allowance which in the current year is £10,600 and may be increasing to £12,000 in future years. Whilst there has been debate on whether this allowance should be amended or restricted, it is still in force and likely to remain so in most cases.
However our survey noted that most foreign buyers were not aware of this fact. In response to the questions “Would you have to pay UK tax if you had rental income of £10,000 with no other UK income?”
Only 28% knew that no tax would be payable.
72% incorrectly said yes, or did not know.
Andy Noble, Senior Marketing Consultant at Find UK Property said “Many overseas buyers want to invest in a secure country such as the UK, but incorrectly think that they will be taxed on their rent. They do not realize that for most, including nationals of Europe and the Commonwealth, the UK allows income of up to £10,600 to be earned tax-fee. With an investment of just £55,000 they could purchase a 2-bed house that would generate over £4,200 income tax free as well as growing in capital value.”
About “Find UK Property”
Find UK Property are the 'buyers' agent and specialize in helping serious overseas buyers find the most suitable investment property for their needs. The company conducts regular surveys on overseas investors and findings are printed at their “UK Property News” Blog at http://blog.findukproperty.com.
The company has produced informative YouTube videos on the best low cost investment properties and the buying process.
The most popular purchase are the fully managed low cost houses in the price range of £55,000 to £70,000 that come with full management, repair guarantees, and guaranteed rent. Many clients are seasoned investors who may have purchased investment property in other countries via sister companies Openshore Property and Sandcastles based in Dubai. Further details can be found on the Find UK sales website at http://www.findukproperty.com