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General DVC Discussion For discussion on how the DVC works and resort information. |
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17 Jan 19, 07:48 AM |
#11
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Thread Starter
Imagineer
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That seems to be the consensus.
From my extensive (but non professional) research yesterday, I have learned the following: Technically all UK residents with a US property beneficiary interest (DVC members) should have a W8BEN on file with the managing agent (MS) for IRS purposes. This is only randomly requested, and difficult to enforce but there is a potential $50 fine. USA tax is ONLY due on income within (a job, or payment for points whilst there in US dollars from a US bank account), or FROM the US e.g. bank transfer from a US renter OR from a US managing agency. This would exclude agencies outside the US such as Davids. If US tax is due, you do not have to pay both UK tax AND US tax, and can claim US tax back if you have paid HMRC here (complicated). Tax is ALWAYS due in the UK for ANY income, however subject to same property rules as within the UK: Rental income over £1000 and AFTER maintenance and expenses have been deducted (actual profit) is taxable, if over the personal allowance. You must report any annual pre-profit rental income over £2500 to HMRC In most cases under the above conditions, the tax will only be due in the UK and from a casual DVC rent would be very minimal. Hope this is helpful to others too. I am by no means an expert but this is what I can summise from further reading. |
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17 Jan 19, 08:36 AM |
#12
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Imagineer
Join Date: Jun 16
Location: God's Own Country
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When I rented I gave mine to my accountant KPMG, and they put it on my U.K. tax return. I paid tax on half of it as it’s jointly owned by my wife, at full rate less maintenance fees I think.
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17 Jan 19, 09:07 AM |
#13
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Thread Starter
Imagineer
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17 Jan 19, 09:38 AM |
#14
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Imagineer
Join Date: Jun 16
Location: God's Own Country
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Yes my wife pays virtually no tax so that worked out nicely. I hardly paid anything.
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Edited at 09:39 AM. |
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17 Jan 19, 06:25 PM |
#15
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Getting excited
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Last year I took my letter to the DVC desk and he said ignore it, we had another this year so I shall d9 the same.
Hopefully I had the correct info
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Owner at Animal Kingdom |
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17 Jan 19, 06:28 PM |
#16
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Imagineer
Join Date: Jun 16
Location: God's Own Country
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Remember the song 'Someone's Watching Me'- mentioned the IRS. Maybe binning it is the best strategy to keep you off their radar?
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