yann Posted October 10, 2004 Share Posted October 10, 2004 Does the ownership of a second home in France affect one's income tax in the UK ? Link to comment Share on other sites More sharing options...
Iceni Posted October 11, 2004 Share Posted October 11, 2004 No.Income from letting it will.Profit from selling it may be liable to CGT.John Link to comment Share on other sites More sharing options...
Val_2 Posted October 11, 2004 Share Posted October 11, 2004 Apart from the former two answers never underestimate the british IR, they know EVERYTHING and have ways of finding the smallest details out. We never mentioned our french holiday home before we lived here, but they knew everything - address,price paid and how many times we had visited via Brittany Ferries and what our passport nos were. As a french lady said to me here year ago, don't try and hide anything here either,they have eyes everywhere you don't expect. Link to comment Share on other sites More sharing options...
Porth Posted October 11, 2004 Share Posted October 11, 2004 I am a semi-retired lawyer in the UK and continue to do consultancy work for let us say government sources. Thus I have to play the game and have declared my extra rental income from our home in France plus my consultancy. However before I did so my tax office sent me a stiff reminder that I needed to fill in a tax return to include income from sources outside the UK etc etc. They were aware of everything.As it is in pure P & L terms and throwing the kitchen sink at it there is no profit on rental income from the house.We may obviously be at odds with the rest of the rental market in France but whilst it does provide a contribution to overheads it does not in our experience provide for profit. Profit that is in the strictest accountancy sense. Link to comment Share on other sites More sharing options...
Val_2 Posted October 12, 2004 Share Posted October 12, 2004 [quote]I am a semi-retired lawyer in the UK and continue to do consultancy work for let us say government sources. Thus I have to play the game and have declared my extra rental income from our home in F...[/quote]Thanks for confirming my point about "them" knowing everything Porth, people havn't believed me when I've told them this before and continue to rent and not declare it here. Link to comment Share on other sites More sharing options...
MousleyCaroline Posted October 13, 2004 Share Posted October 13, 2004 Does this mean that even if you do not have a French mortgage, that in terms of declarations of profit, you can balance the outgoings against the incomings?Carolineemail: [email protected] Link to comment Share on other sites More sharing options...
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