Description of How to Avoid Tax on Foreign Property
This unique new book tells you everything you need to know about paying less tax on foreign property. Whether you're buying a dream holiday home or building an overseas property empire, this guide will steer you towards handsome tax savings. Subjects covered include how to pay less tax on foreign rental income both in the UK and abroad, how to avoid capital gains tax on overseas property, how to get the taxman to pay for your overseas trips, including flights, hotels and meals, how to recover VAT at up to 25% on overseas property purchases, the benefits and dangers of using a company to buy foreign property, how to avoid foreign inheritance tax and wealth tax, how to protect your property from foreign succession laws, how to get tax relief for foreign currency losses and how double tax agreements work and what can they do for YOU. Detailed chapters outlining the property tax systems in some of the most popular destinations including France, Spain, Bulgaria, Italy, Portugal, Cyprus and Dubai.
1. Background
1.1 Double Trouble
1.2 Where Do UK Residents Like to Buy Property?
1.3 Using This Guide
1.6 A Word About the Examples
2. UK Tax On Foreign Property
2.1 No Escape?
2.2 How Overseas Property Taxed in the UK
2.3 Other UK Taxes on Foreign Property
2.4 Overseas Holiday Homes
2.5 Basic Principles of UK Income Tax
2.6 New Foreign Property Income
2.7 Unremittable Income and Gains
2.8 Dealing with Revenue & Customs
3. UK Tax on Overseas Rental Income
3.1 Oil & Water
3.2 Accounts and Tax Returns
3.3 Types of Foreign Income
3.4 Occasional Rental Income
3.5 Deductible Expenditure
3.6 Travel and Subsistence
3.7 Local Taxes
3.8 Pre-Trading Expenditure
3.9 Foreign Rental Loss
4. Trading with Foreign Property
4.1 What is Foreign Property Trade
4.2 How are Foreign Property Trading Profits Taxed in the UK?
4.3 Tax Returns
4.4 Deductions For Foreign Property Trades
4.5 Commencing a New Property Trade
4.6 Trading Losses
5. Capital Taxes on foreign Property
6. Foreign Exchange
7. Double Tax Relief
8. Non-UK Domiciled Taxpayers
9. Emigration to Avoid UK Taxation
10. Using a Company
11. Special Purpose Vehicles
12. They Do Things Differently There
13. Some Important Concepts
14. The European Union
15. France
16. Spain
17. Italy
18. Portugal
19. Cyprus
19.1 A Divided Island
19.2 Legal and Tax Regime
19.3 Taxes on Property Purchases
19.4 Annual Charges
19.5 Rental Income
19.6 Capital gains
19.7 Inheritance and Gifts
19.8 Tax Residence
19.9 Companies in Cyprus
20. Bulgaria
20.1 New Kid on the Block
20.2 The Bulgarian Tax and Legal Regime
20.3 Taxes on Property Purchases in Bulgaria
20.4 Annual Charges
20.5 Rental Income
20.6 Capital gains on Bulgarian Property
20.7 Inheritance and Gifts
20.8 Succession Law
20.9 Bulgarian Tax residence
20.10 Companies Investing in Bulgarian Property
20.11 Financing a Bulgarian Company
21. Dubai
21.1 Eastern Promise
21.2 Dubai Property Law
21.3 Taxation in Dubai
21.4 Land Department Fees
21.5 Inheritance, Gifts and Other Transfers
21.6 Succession Law
21.7 Free Zones
Appendix A: Top 20 Destination Countries
Appendix B: UK Tax Rates and Allowances
Appendix C: The European Union & The European Economic Area
Appendix D: Tax Return Supplements
Appendix E: Specialist Tax Offices
About Carl Bayley
The author is Carl Bayley BSc ACA, one of the country's most respected property tax experts. Carl is Senior Consultant at Taxcafe and author of some of our most popular tax guides. A regular speaker on tax matters, he was recently invited to talk to over 450 people at the Property Investor Show. Carl is also a regular contributor to TV and radio programmes such as the BBC's It's Your Money programme and national newspaper articles on tax matters. He is a member of the governing council of the Institute of Chartered Accountants in England and Wales.
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