Chase Devonshire understands today’s market of non UK citizens buying investment properties in the UK or even British Citizens living abroad.

As such we have extensive knowledge on Non-Resident Landlord Tax (Overseas Agents – Finance Act 1955) (This only applies to landlords who reside abroad for longer than 6 months)

• Under section 42A Income & Corporation Taxes Act 1988 supported by the Taxation of Income from Land (Non-resident) Regulations 1995 (Finance Act 1995) if the Landlord is not paying tax as a non-resident, therefore residing abroad, he is liable to pay income tax in the United Kingdom from any rental income received.
• Overseas Landlords need to provide a CNR number, issued by the Inland Revenue to confirm that they are responsible for their own tax payments. If multi landlords, each one must obtain a separate number.
• Without the exemption granted by the Inland Revenue, we are legally bound to deduct tax from all rental income if we believe that the Landlord’s permanent residence is outside the UK.  Until a declaration is signed and completed confirming principal residency in the UK, we would retain a portion of rent for payment to the Inland Revenue.  Please download and sign the declaration below confirming permanent residency in the UK, this must be completed by the Landlord and if multi ownership, by each Landlord prior to any formal instruction of Chase Devonshire to proceed with the Management of your property.

Document can be downloaded from : visit http://www.hmrc.gov.uk or
http://www.hmrc.gov.uk/nonresidents/fagnrl1_bw.shtml