Blog: Expats To Lose Personal Allowance
August 14, 2014
George Osborne is preparing a tax raid on expats who rent out their homes in Britain by stripping them of the right to use their personal allowance.
Expats drawing a government pension are also likely to be hit by the proposal, which could cut a couple’s income by up to £4,000 a year.
Accountants have warned that Britons could be forced to return from retirement overseas if the plans go ahead.
At present, EU nationals and British expats are entitled to offset income earned in the UK against the £10,000 personal allowance.
The change could affect up to 400,000 people and raise the exchequer an extra £400m a year.
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