Expats Face Tax Raid

Expats Face Tax Raid.

British expats could face losing the ability of offsetting their income earned in the UK, for such things as renting out their homes against the £10,000 allowance. The Telegraph has reported the Chancellor George Osborne is preparing to push ahead with these plans, that were first announced in the March budget.

At the present time expats overseas are allowed to offset income in the UK by their £10,000 personal allowance. Also, individuals who draw an income from UK property but are not resident in the UK, have the same personal allowance as a UK resident as a result of tax treaties between other countries.

The changes could affect retirees drawing a government pension, meaning 400,000 people could be affected once the changes are introduced.