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Hi,
I am an Australian citizen about to relocate to the UK with work.
I own investment properties in Australia and New Zealand.
In Australia i am able to negatively gear my Australian and overseas properties. My question is that based on the tax rules will i be able to continue to do this in the UK?
The way negative gearing for property investment works in Australia is that one is able to offset all property related losses (local or overseas properties) against one's personal payee income, thereby reducing the tax liability. One can also estimate losses at the start of the year and request the tax department to provide a revised flat income tax rate for the year.
Does the UK tax system allow for this? If yes, are there any pitfalls that i should be aware of? Would you have any specific advice to help with this?
Appreicate all comments and advice. If you are an income tax accountant in the Bristol area, please do contact me.
Regards,
Novice Investor
I am an Australian citizen about to relocate to the UK with work.
I own investment properties in Australia and New Zealand.
In Australia i am able to negatively gear my Australian and overseas properties. My question is that based on the tax rules will i be able to continue to do this in the UK?
The way negative gearing for property investment works in Australia is that one is able to offset all property related losses (local or overseas properties) against one's personal payee income, thereby reducing the tax liability. One can also estimate losses at the start of the year and request the tax department to provide a revised flat income tax rate for the year.
Does the UK tax system allow for this? If yes, are there any pitfalls that i should be aware of? Would you have any specific advice to help with this?
Appreicate all comments and advice. If you are an income tax accountant in the Bristol area, please do contact me.
Regards,
Novice Investor
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