How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask bigduckontax Your Own Question

bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3369
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

Please note i require an answer from someone who has

Resolved Question:

Hello: Please note i require an answer from someone who has specific knowledge of UK tax.
I am currently a resident of China who plans to move back to the UK (I am a Brtit) with my Chinese wife in the next 6 months.
Most of our income will be funded by our UK properties, however at the moment these are all in my name and we will clearly want to use my wife's and my personal tax allowance, rather than just mine (as at the moment).
Your advice would be appreciated.
Submitted: 5 months ago.
Category: Tax
Expert:  bigduckontax replied 5 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Firstly, when you left the UK originally did you complete a Form P85 and send it to the Inland Revenue as it was then? If you did not you should do so immediately, but now, of course, to HMRC. Fortunately there is no time limit as to its submission, it is available on the web and can be filed on line. On receipt that Department will classify you as non resident. On return to the UK advise HMRC by letter of your return. That Department will then split the returning year into two portions, one non resident and the other resident.

Your suggestion to use your wife's personal allowance as well as your own is a common method of tax avoidance. In theory, if you can show that she has a substantial managerial input into the property letting business this can be done, but a much more secure way would be to transfer half your holdings to her. Inter spousal transfers not involving consideration do not attract Stamp Duty Land Tax (SDLT) so there will be only the conveyancing charges to consider.

I do hope that you have found my reply of assistance.

Customer: replied 5 months ago.
Hello Keith, thank you for your reply, and sorry it took a while to get back to you - you were blocked nay my spam filter.A follow-up question would be how easy would it be to transfer ownership to my wife? All 3 properties are all mortgaged with HSBC. Is this, to your knowledge a straight-forward process, or does it involve reappraisal of the mortgage situation etc.
Expert:  bigduckontax replied 5 months ago.

It all depends upon the agreement of the HSBC to a transfer of part or all of the mortgage agreements. They may not be prepared to change the position. You might have to seek another lender and pay off the existing charge. This game may not be worth the candle just to be able to use your wife's personal allowance as it would be an expensive exercise. I am so sorry to have to rain on your parade.

Remember you can always get your wife to give you 10% of her personal allowance anyway.

Please be so kind as to rate me before you leave the \just Answer site.

bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3369
Experience: FCCA FCMA CGMA ACIS
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 5 months ago.

Thank you for your support.

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
< Previous | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
 
 
 

Meet The Experts:

 
 
 
  • Sam

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
< Previous | Next >
  • http://ww2.justanswer.com/uploads/TA/Tax Expert/2013-8-21_231010_sam.64x64.jpg Sam's Avatar

    Sam

    Accountant

    Satisfied Customers:

    7088
    26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
  • http://ww2.justanswer.com/uploads/BI/bigduckontax/2013-8-12_222058_1.64x64.jpg bigduckontax's Avatar

    bigduckontax

    Accountant

    Satisfied Customers:

    2333
    FCCA FCMA CGMA ACIS
  • http://ww2.justanswer.com/uploads/TA/TaxRobin/2013-8-28_16186_femalebusinessprofessionalbinderhand11038485.64x64.jpg TaxRobin's Avatar

    TaxRobin

    Tax Consultant

    Satisfied Customers:

    524
    International tax
  • /img/opt/shirt.png taxadvisor.uk's Avatar

    taxadvisor.uk

    Chartered Certified Accountant

    Satisfied Customers:

    2845
    FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
  • http://ww2.justanswer.com/uploads/MS/MsAM/2012-6-9_16426_anna.64x64.jpeg Anna's Avatar

    Anna

    Teacher, writer, biologist

    Satisfied Customers:

    270
    Great research skills, variety of work experiences, teaching experience.
  • http://ww2.justanswer.com/uploads/PD/pdheslin/2012-6-6_232056_pambig.64x64.jpg pdheslin's Avatar

    pdheslin

    Consultant

    Satisfied Customers:

    51
    20+ years of internet site creation and search engine optimization. Dozens of search tools at my disposal.
 
 
 

Related Tax Questions