Do you own a property abroad?

As part of its commitment to tackle tax evasion HM Revenue & Customs have announced that they are setting up specialised teams of tax investigators to target individuals with property abroad. In particular they are searching for those individuals who either are not declaring the correct income and/or gains from the properties or those who do not appear to be able to legitimately afford the property.

If you are a UK resident you are taxable on your worldwide income, and if you own property abroad and earn income from it, or it is a second home and you sell it, any income or gains need to be declared on a UK tax return. HMRC plan to use data-mining techniques on publicly available information to identify people who own property abroad.

If you own a property abroad and would like assistance in ensuring that you have declared any income or gains appropriately then please give us a call on 01733 371180.