Renting out UK property

[Tyles]

Is anyone renting out their UK property whilst in Australia?
Are you taxed on the rental income in the UK or in Australia or both?
We've just basically lost our buyers and are considering renting out our house, probably not a good solution...

[ayrescmp]

Is anyone renting out their UK property whilst in Australia?
Are you taxed on the rental income in the UK or in Australia or both?
We've just basically lost our buyers and are considering renting out our house, probably not a good solution...

The income is taxed in Australia, however you are allowed to put the mortgage interest and various other expenses against this income. If you have to rent I would remortgage so that the rental just covers all the expenses of the property. That way you will release capital to take over with you and you will have very little, if any tax to pay. The only problem arises when you sell the property where you'll have to pay capital gains tax on any profit, but it looks as if it'll be a good five years before the market recovers and property prices rise so again there will probably be very little tax, if any to pay depending on when you decide to resell the property. Good luck

[Greg]

Is anyone renting out their UK property whilst in Australia?
Are you taxed on the rental income in the UK or in Australia or both?
We've just basically lost our buyers and are considering renting out our house, probably not a good solution...

We pay UK tax, but if you set it up right you should be making a loss, see an accountant. I think renting is the best solution, not everyone who comes here likes it, so its not a bad idea to have an escape route. Besides, from an investment point of view prices will rise again and London has always been a hot spot. I would def hang onto it!

[ALubbip]

I thought that dont loss money when i go out.But always steal my money every day.somebody knows why?