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holiday lets on your property - laws and taxes
holiday lets on your property - laws and taxes
Hi again,
I have posted a thread about tax concessions on renting property out but I should have asked in the first instance if one can do this?
I see various offers of rentals etc and then see a huge topic on licenses.
Do you property owners have to submit tax returns in the uk and portugal for rental income?
This is all so complicated!!
Thanks
Sue
I have posted a thread about tax concessions on renting property out but I should have asked in the first instance if one can do this?
I see various offers of rentals etc and then see a huge topic on licenses.
Do you property owners have to submit tax returns in the uk and portugal for rental income?
This is all so complicated!!
Thanks
Sue
-
Mexican Pete
- CVO Regular
- Posts: 96
- Joined: Thu Jul 28, 2005 9:19 am
Hi Gabby,
Sorry to be the bearer of more bad news, but if you are a UK resident and own property in Portugal, even if you own the property through a “shell company” wherever that company may be domiciled, you are obliged to complete tax returns reflecting the property income in both the UK and Portugal. The good news is that any tax you pay in Portugal will probably be deductable against any tax liability in respect of the Portuguese property that may arise in the UK.
Hope this helps,
Sorry to be the bearer of more bad news, but if you are a UK resident and own property in Portugal, even if you own the property through a “shell company” wherever that company may be domiciled, you are obliged to complete tax returns reflecting the property income in both the UK and Portugal. The good news is that any tax you pay in Portugal will probably be deductable against any tax liability in respect of the Portuguese property that may arise in the UK.
Hope this helps,