Hi
I'm potentially moving to work over in the UAE in the New Year and need to understand a few things regarding income tax, capital gains, as well as re-mortgaging our current home (currently interest only) to a Buy to Let for the period we'll be away (probably 5yrs)?
We both work, and are therefore taxed in the UK as normal. As soon as we move abroad it will (probably) be only me working, but it will be tax free? My income will therefore change considerably. As we will be moving away for a substantial period we do not want to sell our house (which we built last year), so we wish to rent it out and therefore receive an income, albeit it will be less than our mortgage payments...
Can anyone advise therefore on the best product to apply for in our circumstances?
I believe we need to fill in a form or 3 with the HMRC to confirm we are moving abroad for the purposes of income tax avoidance (both employment and rental from the house).
Many thanks in anticipation...