Overseas Property
Did you know that at least 257,000 Britons now own an overseas holiday home? With a strong pound and booming economy, it looks like many more of us are joining the likes of Cliff Richard and are buying a place in the sun. It appears, we ‘…British have beaten the Germans when it comes to throwing our metaphorical towels over foreign rooftops,’ says John Barnes, of Newfound Property International. But what a lot of Britons seem to forget, is that just because they are away from home, does not mean, that the taxman has forgotten them. It just means it won’t probably be British taxman you will be paying, but a foreign tax official.
For the buyer, it will not only be property prices and the location that will matter but, also, the respective tax regime of the foreign country of choice. Just as in Britain, owning a home abroad does not make you free from taxes for example such as Capital Gains Tax (CGT), Inheritance Tax and Tax on Rental Income in the country of your choice! Ro read more http://www.oxfordprospect.co.uk/Overseas property taxes.htm
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