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Posted Sun, 24 Sep 2023 21:25:06 GMT by James wong
I came to the UK in June 2022 via BNO visa and become the tax resident at the time I arrived UK. I had a property in Japan with rental income. I would like to ask: 1) If I apply for split the year, Should I just report and count the rental income from the time I arrived UK? 2) The rental income should be counted for the time letting out (e.g. from the time I stayed in the UK) or the rental received in bank account (since the rental is transferred from the agent on quarterly basis after deduction of all relevant expense) during the time I stayed in the UK? 3) If the total rental is less than GBP2,500, do I need to report the rental income? 4) The property in Japan has been sold out in Jan 2023 with loss, do I need to do a tax report for this transaction?
Posted Tue, 03 Oct 2023 10:16:04 GMT by HMRC Admin 32
  1. If you qualify for split year then you only report any foreign income for the UK part of the year.

    RDRM12000 - Residence: The SRT: Split year treatment

    If you do not qualify then you will need to report all your foreign income to the UK.

    Tax on foreign income

    The guidance at RDRM12150 at GOV.UK will help you work out if split year treatment applies.                                                                                                                                                                                                                         
  2. You show the gross rental income from the date you arrived in the UK and then claim the agent fees as an expense.                                                                                                                     
  3. Yes, you need to report this.       
  4. Yes, as it will have been sold for more than £49200
Thank you.

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