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'Don't ignore tax implications of overseas property investment'

Article Date : Wednesday, May 02, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Following HM Revenue and Customs' announcement that it plans to crackdown on Brits not declaring income earned abroad, a property expert has said that investors must not ignore tax when working out how profitable a property can be.

According to David Austin, managing director of Property for Life, it is vital that buyers are aware of all of domestic and overseas tax implications when buying property in a foreign country.

He told Mortgage Strategy that hoping no-one finds out about income is not only naive but illegal. Instead, investors should investigate how they can minimise the amount of tax owed.

"For instance, many people believe that if you own a property in France, you can avoid paying tax on your rental income simply by having a French bank account," he commented.

"That simply is not the case, and the authorities now have the power to find out about this income and act upon it."

Mr Austin also urges investors to make extensive efforts to research the tax system of the country they are investing in, "with a tax adviser if necessary".

Last month chancellor Gordon Brown revealed that the government is set to scrap tax on property bought through a company, which means the average international property owner could save hundreds of thousands of pounds, according to experts.
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