Ever watch “A Place in the Sun” with a twinge of envy? Most of us dream about having a bolt hole in sunnier climes to escape to. But for those lucky enough to be in a position to make it a reality - what are the tax implications? UK residents buying property abroad typically do so to have a holiday home, to make a rental income when they are not using it or in anticipation of retiring to their destination of choice. Among the most popular locations for Brits are Spain, Cyprus and Malta. (more…)
Capital Gains Tax (CGT) is the least common tax on income, mainly because you need to come into significant financial gain to incur it and it doesn’t apply to things like main homes, cars or lottery wins. (more…)