Game on for a penalty-free move
The Times - October 20, 2007
Mark Bridge helps a PE teacher to organise his finances before he marries and emigrates to the US Andrew Milne met Caroline Adams in a West End bar last May. The couple were engaged soon afterwards and now the 36-year-old, who teaches PE and games at College spends the equivalent of £400 a month on travel to
That expensive routine will end next spring when Andrew moves to the Windy City to marry and settle down. But the shift may not be straightforward. He has no job to go to "and no idea how to make the necessary financial arrangements."
His main preoccupation is what to do with the three-bedroom Victorian house he owns in Coulsdon, South London. He has a £60,000 repayment mortgage on the £270,000 property and is thinking about remortgaging to free up capital for the year he expects to spend out of work while his paperwork is sorted. The property has a rental value of about £900 a month and Andrew says: "Even with a remortgage, the payments on the house would be less than the rental value. But would I pay tax on the profit in the UK?"
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Sophie Stewart - London