Foreign property: plan before you buy
By Victoria Thompson
If you are planning to purchase a foreign property, there are some important legal issues you should consider first, including how you will own the property, taxation and inheritance.
Ownership: Some people choose for the property to be owned by a trust structure or a company registered outside the UK. However, in some countries, the capital gains tax position is less attractive and there may be local annual charges to consider. In addition, foreign ownership may have immediate UK inheritance tax (IHT) disadvantages for a UK domiciled buyer.
Lifetime taxation: Consider whether there are any annual local or national taxes, as well as tax due on the purchase and sale…
Click on the link below to read the rest of the Mills & Reeve briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from The Lawyer
Analysis from The Lawyer
The trend for unbundling legal work is advancing through the law firm ranks but there is still resistance in some quarters - namely in-house. We asked why