Chris Marston

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About Chris Marston

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  • Location Münster
  • Nationality British
  • Gender Male
  1. I just updated my German address with my UK bank. I hope this does not result in the cancellation of my account. Fingers crossed.
  2. Tax implications of non-resident selling UK residential property

    @GaryC I'm not sure about the question mark but you're definitely right.   What annoys me about the CGT tax law is how it applies to me and my sister. She is exempt from CGT as she lives rent free in the house, while I am paying rent in Germany and will have to pay CGT on top due to this double taxation agreement between Germany and the UK. I understand, however, the purpose of expanding the taxation to non-residents from a British perspective. As I understand it, there is a lot of foreign investment in UK property driving up prices for normal Brits.    
  3. Tax implications of non-resident selling UK residential property

    My family owned the property for 30 odd years, so German taxation does not apply and would not apply given that the UK has retained taxation rights on UK property. At least that is my current understanding.     Except in the case of gifting to a spouse where the original acquisition date remains valid.   @all Thanks for all your insight!
  4. Hi,   My sister and I inherited our family home in 2012/2013. At that point I did not live there anymore. A year later I moved to Germany. My sister continued to live in the property but now agreed to sell it. I was positively surprised that I would not have to pay taxes on the income from selling the house in Germany until I realised that the UK has created a Capital Gains Tax (CGT) for non-residents that are selling a residential property in the UK. So it seems that this applies to me, while my sister will not have to pay CGT because she lives in that property.   Apparently, there are three methods of of calculating the non-resident CGT: rebasing, straight-line apportionment and gain over whole period. The first depends on the value of the property on 5 April 2015.   Is there any way to retrospectively obtain a credible estimate of the value of the house at that time?   All calculations depend on the value of the property when our father died. We have had an estate agent in at the time providing an estimate. I think this was necessary to determine our liability for inheritance tax. However, estate agents state generally that their quotes are "for marketing purposes only" and may not reflect the true market value at that time. So, here we have another relatively loose point of reference. It seems quite a bit of guesswork involved in determining the tax due. Do you have any advice of how to approach that?   Will the solicitor/conveyancer pay the tax or do I have to take care of that?   Is there anything else that is relevant in determining the tax owed to the UK as a non-resident selling UK residential property?    
  5. Transferring money from UK to German bank account

    I was thinking of using TransferWise or Revolut but now have come across Xendpay, who seem to offer even better rates.
  6. Selling house in the UK. What to do with the money?

      Yes. As long as it is a German (investment) bank, they automatically deduct taxes and provide a Jahressteuerbescheinigung.   I wonder whether having money parked in the UK is a good idea given the PIA of reporting it. Good point you raised there.   I have sold my former underperforming funds a while ago when I made the switch to ETF. It is probably worth doing so for you too.
  7. Selling house in the UK. What to do with the money?

      I have put my Euros into an all world ETF. So far, so good.
  8. Savings account/safe investments

      If you don't need the money in the coming decade than investing it in an all world ETF is fairly safe as long as capitalism isn't overthrown in the meantime.
  9. Selling house in the UK. What to do with the money?

      Unfortunately, I am not ultra high net worth.   @snowingagain Any reason for TransferWise over Revolut? What about financial protection with these fintechs?
  10. I'm selling a house in the UK. This will leave me with a respectable amount of pounds sterling. I now wonder whether to leave that money in the UK or to move it to Germany or any combination of both. As I am tax resident in Germany, I wonder about the implications too. Any advice welcome.
  11. Equivalent to SIPP, ISAs from the UK in Germany

    You want the costs to be as low as possible. I went with onvista bank when this became a relevant matter for me.   I think Germany has not SIPP or ISA equivalent offerings.