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Investors urged to consider IHT

Article Date : Tuesday, July 24, 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

New overseas homeowners are failing to take into account the impact of inheritance tax (IHT) and are advised to check the rules wherever they own are considering buying a property, experts have said.

Although many people assume that a tax cannot be charged on overseas property, if you are UK-domiciled then your worldwide assets will be included in the calculation of your inheritance tax liability, according to the Telegraph.

With the number of British overseas homebuyers expected to double within the next few years, consumers are warned that Spanish authorities can charge up to 82 per cent tax on foreign-owned property with some overseas property liable to taxation both in the UK and abroad.

With many people overlooking aspects concerning inheritance tax, Grant Thorton accountant Ian Luder said: "The risks that people take when it comes to buying property abroad never cease to amaze me."

With various trust structures not recognised in continental Europe, Way Group spokesperson Paul Wilcox said: "It is vital people take steps before moving, as their options will be seriously curtailed once they have left the UK".

Spain is currently the number one destination for Brits buying abroad, according to the latest HiFX Monthly Global Property Hotspots Report, despite recent fears of a potential Spanish property market crash and a slow down in some areas of the country.
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