Financial Requirement - Cash Savings - Premium Bonds & SIPP Pension Pot

Trying to rent a property in the UK is unbelievably hard these days, I had to get a new place last November and even back in 2009 the last time I had to enter into a tennancy agreement (lasted 14 years) it was hard but now it's ridiculous and worse I get inspected every three months, the reason as explained by the agent is to make sure I'm not subletting to immigrants.

So even that is still connected to Brexit and the sentiment behind Brexit.

As you have been non resident for quite a long time do you get hit with UK tax and are you being taxed on your letting?

If you do get taxed do you get your full UK tax code personal allowance?

There was talk a few years back of them wanting remove the personal allowance for ex-pats so you would be immediately taxed on all profits from anything deemed a business in the UK and you would also be deemed taxable on your pension income but without your allowance so state pension could be directly taxable for ex-pats without any allowance at all.

This would not apply in the Philippines because of the 1970s dual taxation agreement with the UK and pensions are not taxed in the Philippines but it was an alarming proposal.

I'm looking to buy a place in the UK, just a flat but something nice enough to live in at an advanced age I will probably try to get a mortgage say maybe a 10 year mortgage 40% LTV but just found out that Nationwide have stopped their captial and interest retirement mortgages, the fact that they offered that was the main reason I moved to Nationwide a few years back.

As a result of all this I'm extending my working life just to build up larger cash savings and pension, it's a pain

Isn't letting treated as a business now with some specific allowances specific to renting out your own home?

My rented home is unfurnished both this one and the last, the last one only had an oven and hob, this place I am in now has gas hob and electric oven, dishwasher and built in fridge and freezer, it's pretty nice but expensive.

Capital gains on the eventual disposal of the property.

My friend has a SIPP he funds various business related things through the SIPP and the result is he is still filing tax returns, but then again he's an accountant and his SIPP is an umbrella for a lot of large investments.

Me when I retire I will have to start filing tax returns again not something I'm looking forward to.

I should have phrased it as a question, I knew there had been some changes in the rules and that the new rules were complex but it's been on my mind as I'm trying to work out what to do about buying a property in Scotland when I do finally retire and whether to consider letting it out if I do move for an extended period to the Philippines.

I'm leaning towards just buying somewhere and leaving it unoccupied while out of the country, the tennancy rules in Scotland are complicated but the capital gains rules are the same I think, this is why I am working longer in order to build up enough money so that I don't have to be dependent on letting out whatever place I finally get in the UK, I want my UK home to go to my daughter when I eventually die.

I write software for managing manufacturing businesses ERP software we don't have a direct requirement for 2FA I personally find a lot of 2FA systems onerous but I can see the point for some online transactions.

I find that I cannot contact the technical departments of any financial institution to inform them how bad their software is, the contact systems these companies project are all geared towards customer service enquiries and the people manning the phone lines have no direct way to escalate issues to the technical support team and you have to reach the tech support to have any chance of escalating an issue to the development team.

My own specific problems in this regard were with my pension provider I was trying to transfer from my old stake-holder style pension to a newer retirement account customer support swore blind that you had to do all this online from the home page of their website except that if you followed the instructions verbatum it never ever worked, eventually after hours on the phone with customer support they said use a different link and lie about the pension that you are transfering i.e. pretend it was coming in from another company instead of from them, in effect they only had one path through the system which worked and all the other routes through the programs failed.

The girl that helped me through it did it with the help of other non technical colleagues who had figured it out but none of them had any way to contact the dev team so as far as I know their systems are still broken, god knows how they do business.

I doubt that any of these financial companies would offer a reward but you never know, the main problem is getting in touch with the technical team.

Our own customer support team is specifically geared towards technical issues we are a small company and basically everything which is not business process related gets escalated directly to us in development but we are a software business, in big financial companies software is just a means to an end it's not their core business.

On the age 75 number I believe that is the date it has to be repaid, I think for a couple of years recently they used to offer specific longer term mortages for retirees but they explicitly state they no longer offer these which is a shame, I'm planning on buying at age 68 so I'll probably be looking for maybe a £50,000 loan over 7 years with maybe a £70,000 deposit I could get a place for a lot less than that but I want something fairly modern rather than an old style tenement flat, I lived in an old style tenement for 35 years nice enough to grow up in but not great for retirement.

I agree if I was away for a long time I'd probably have to rent out but I think I would be returning to the UK fairly often and would still be having to pay ultilities and council tax and so on, but yeah I'm aware of the insurance issues.

I would hold the property until death I want to pass it to my daughter by that time my total estate should be under the inheritance tax threshold.

I think quite a few mortage lenders now have an upper limit of age 75 for repayment?