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Sold UK home and moved to Poland. Any due tax?


marinhoperes
5 Jan 2017 #1
In June 2016 i sold my UK home and moved to Poland with my Polish wife after living for 12years in the UK.
As per the UK's tax laws i am exempt from the capital gains as it was our home where we lived for nearly 3 years.

We transfered our money to a Polish bank account split into PLN and GBP separate accounts.
Do we need to pay any sort of tax on this?
We i started work here is 21/07/2016 and my wife on 11/08/2016 and we are currently on permanent contracts and plan to stay and live here indefinitely.

Anyone with experience in this would can shed some light on this matter?
Thanks in advance.
dolnoslask 6 | 2,946
5 Jan 2017 #2
No tax to pay, enjoy your new life in Poland
Marsupial - | 881
6 Jan 2017 #3
Only tax to pay if you use that money to make more money in Poland.
OP marinhoperes
6 Jan 2017 #4
So that should be ok, as we want to use it to buy a home live here. Thanks
dolnoslask 6 | 2,946
6 Jan 2017 #5
Correct but you will be taxed in poland as soon as you start earning in Poland, you will also be taxed if you are still earning money from investments abroad.
terri 1 | 1,663
7 Jan 2017 #6
Any money invested in the bank is subject to 19 percent tax. It would be better to use the money to buy things.
You will not be subject to any taxes in Poland on the money you brought into the country. Your best bet would be to buy property (in cash) in Poland. And if you live in that property longer than 5 years (all documented) you will not have to pay tax on the profits from the sale of this property.
polinv
7 Jan 2017 #7
The best play would be using zloty weakness on the exchange rate to invest in good commercial property in poland. Its still above 5 but should go a good deal lower over the next couple of years but to brexit fallout, at which point you could consider options to benefit from sterling upside, or sell up and reinvest proceeds in UK commercial.

Units/lokale uzytkowe in solid locations will provide good resale potential and you will looking at a yield of 6-9%, starting from a little below 1M zloty and upwards. You can buy cheaper but you may be stuck with dealing with private sole traders rather than proper large cap commercials which tend to sign longer term contracts. Units with long term contracts in place will command a higher price/m2 but sometimes can be good bolt on value, particularly if you feel the tenant will extend for another 5/10 year period, at which point the unit value goes up. Finally, stick to businesses you understand and keep away from banks for another couple of years, which tend to be on very nice contracts, but those terms will be unrepeatable when they leave.


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