In the UK, individuals benefit from Principal Private Residence (PPR) relief. This allows individuals to sell their main home and pay no capital gains tax, assuming a few conditions on occupation are met.
Unfortunately, the Americans amongst us have another set of rules to play by. The Internal Revenue Service (IRS) has a worldwide reach on US citizens’ tax affairs, and the gain made on the sale of the family home, i.e. the main residence, is potentially subject to capital gains tax in the US.
The government has confirmed that home buyers will not pay stamp duty on any home up to the value of £500,000. This is the latest in a number of measures designed to reduce the economic impact of the coronavirus crisis and ensure that young people, in particular, are not locked out of the housing market.
Mortgages are there to help cover the considerable costs involved when buying a home. The good news is that UK residents have access to a wide variety of mortgages. As a result, you must be aware of all the options before you apply for one. They have different features, which means one may benefit you more than others.
The Right to Rent scheme is a government policy in the United Kingdom that requires landlords to check the immigration status of prospective tenants to ensure they have the legal right to live and rent property in the UK. This guide aims to provide information on the Right to Rent checks, including the use of share codes, and what you, as a tenant, need to know and prepare for when renting a property.
Michael Lewis, a Director at US/UK Tax experts Frank Hirth spoke to The American magazine’s Michael Burland ahead of 2019's UK General Election, looking at how the UK property market might unfold during 2020, and offering some key information that Americans looking to buy in Britain should be aware of.
We like to highlight some of the organisations that assist our expat clients here in London. This month, we chat with Gael Panhelleux, the director of FOCUS, “a community of expats for expats.”
Gael Panhelleux, Director of FOCUS, a support organisation for expats.
How long have you been working at FOCUS? What was your background prior to working at FOCUS?
I have been working at FOCUS for the last five months. Originally from Paris, with over 25 years’ experience in Education, Marketing and Sales in six different countries. I have had the chance to experience the expat life with my husband and my three children in countries such as USA, China, Indonesia, Brazil. Formerly head of admissions in an international school in Central London for the last five years, and previously running a language training organisation in Paris, I have always loved working with international people and living abroad. This love began in the USA where I started an exchange student programme; this great adventure gave me a second family of American siblings and a taste for an international life. Since then, I have always worked towards international people and foreign languages.
Can you tell us a bit about what FOCUS is and what the organisation offers?
We help our members achieve their assignment in the UK, as we at FOCUS have a tremendous amount of experience, resources and ideas to make one’s work experience a very fulfilling one. Our members come from all over the world and are very fortunate to relocate to the UK and live the British life. We will provide support, training and networking opportunities for them to adapt to the British customs, to find a job, to update their professional skills and to meet new friends.
What is the most exciting part of what you do?
The most exciting part of our job and the most rewarding one is to be able to change people’s life to a better one.
How has FOCUS changed the lives of its members?
One of our members Eric quit his job in Argentina to support his wife Mie, and FOCUS was the best ally he had to insert himself into London’s competitive job market. We gave him the necessary tools and confidence to pursue the job research that he happily succeeded in. FOCUS events and gatherings have been useful for them, too. Eric and Mie come from a country where social life is highly valued – meeting people and having a fun time is an essential aspect of their life.
Mie is a huge fan of FOCUS Magazine and found the FOCUS guide extremely helpful. She loves reading about British culture and way of life.
It is priceless to have a group of people that know in advance the key areas to cover when you move to a new country, plus it is a friendly and welcoming community to be part of.
The FOCUS team helped Katerina with several issues by phone or by email we answered all her questions (medical system, childcare, nanny, school system, insurances etc). From the beginning, what she has really appreciated about FOCUS is the friendly environment.
For FOCUS, members are not numbers – they personally care about you. As an example, Katerina attended her first two events with her little boy because she was still breastfeeding; we helped Katerina take care of him. A FOCUS team member also introduced Katerina to some of her friends who live nearby and have babies the same age as hers.
Any upcoming events you would like for us to know about?
Upcoming, we have “Discover London in the Spring” on Thursday 6th February, 18:30 – 20:30. We provide some recommendations on the best ways to discover the best of London in spring 2020.
On Thursday 13th February, 10:30 – 12:30 mark your diaries for “Successful Job Search and Interview Techniques.” Vince Pizzoni, Associate Professor at Nottingham University and Executive Search Consultant at Preng & Associates, will uncover secrets for a successful interview. He will also share his personal experiences regarding good and bad interview techniques as well as explain how to best deal with a gap in your CV during an interview.
On Wednesday 26th February, 18:30 – 20:30 there is a very useful seminar for our US expats, “The ABCs of Taxes for US Taxpayers living in the UK.” Daniel Jaffe of Jaffe & Co/American Tax International this essential seminar will cover US and UK tax issues for all US tax payers living in the UK.
For more information about FOCUS and their activities, go to www.focus-info.org.
London is undoubtedly one of the best cities in the world. Its diverse culture, great career opportunities, and general high quality of life are all key features that make it an attractive destination for expats from across the globe. If you truly wish to unlock the full potential of London life, though, you must put the right preparations in place.
Here are six things you should do for the smoothest possible move.
