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Posted Sat, 23 Mar 2024 16:01:04 GMT by Anna Ku
Hi, I am a Polish national but have lived in the UK for over 10 years and I pay my taxes here. My parent has included me as the only beneficiary for the property they own and live in in their will. What are the tax implications for me here in the UK for the two scenarios whilst I become the only owner of the property when they pass away: 1. I keep the property and rent it in Poland generating a monthly income 2. I decide to sell the property and transfer the monies into my UK bank account. Would either of these two scenarios attract any tax?
Posted Wed, 27 Mar 2024 08:14:04 GMT by HMRC Admin 25
Hi Anna Ku,
If you are resident in the UK and keep the property, to rent it out, then you will have foreign rental income to declare in the UK.
This is done  on a Self Assessment tax return and claim a Foreign Tax Credit if foreign tax is paid.
If you are UK resident when you dispose of the property you may have Capital Gains Tax to pay on the disposal.
Again, declared in a Self Assessment tax return.
As the property would be in Poland, you would most likey have tax to pay there also, as Poland would have the right to tax income and gains from property located in that country.
Thank you. 

 

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