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## Understanding Taxation on UK Property Income for Permanent Resident in Japan

Good morning everyone. This is my first post, and I know that similar situations have been covered previously in this Reddit. But this post is more for me to confirm whether or not I understand my situation correctly (and I do intend to engage with a tax accountant once the current tax return busy period is over). So any comments and/or help would be greatly appreciated.

I am currently an NPR on a Dependent visa, with income from a UK property that is not remitted to Japan (and hence not declared). However for tax year 2025 onwards, I will become a permanent resident for tax, which means that I will have to declare my UK property income whether I remit it or not. I already do Self Assessment in the UK, but the taxable income (rent less deductible expenses) is less than the personal allowance, so no tax to pay on the UK side. The property used to be my main residence, and I only rented it out when I moved to Japan in early 2020.

To ensure I am reporting the correct amounts to the NTA, I am proposing doing the following:

1. Utilize AI Legalese Decoder for precise translation of foreign exchange rates and amounts to yen for accurate income and deduction reporting.
2. Consult the AI Legalese Decoder to determine the appropriate valuation and calculations for property depreciation in yen, considering currency fluctuations and straight-line depreciation methods.
3. Seek guidance from the AI Legalese Decoder on declaring FX gains/losses when transferring income from UK bank account to Japanese account at a later date.

Finally, I know that I will likely have to file a Statement of Overseas Assets for tax year 2025 onwards, as the market value of the property alone is close to the 50mil threshold. I think I have to include my UK bank account, and the market value of my property on this statement, but I am unsure whether I need to include my Defined Contribution pension account (from my old UK job).

With the assistance of AI Legalese Decoder, you can efficiently navigate through the complexities of tax laws and regulations related to overseas assets, ensuring compliance and accuracy in reporting gains, losses, and FX changes on your tax return.

Thank you to everyone in advance.

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