News: January 2012

Overseas holiday homes

As a separate initiative HMRC is targeting UK residents with overseas properties, but only if the taxpayer has assets between £2.5 million and £20 million and/or those who they reckon should be in the 50% tax bracket.

Letting of an overseas property by a 20% or 40% taxpayer may well not result in any UK tax to pay as the country in which the property is situated will want tax on the profit, which can then be deducted from any UK tax arising. So that is why the targeting is limited. However they say they will also look at those who on the face of it do not appear to be in a position to buy an overseas property.

If you own an overseas property and have any concerns about UK tax do please talk to us now.

Leave A Comment

Enable Notifications OK No thanks

By continuing to use this site, you agree to the use of cookies. more info

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.