Selling up and moving back to England

[jdesousa]

Hello,

I'm trying to help my mum sell her villa on the Algarve and find her a new home back in England. So far so good and we have found a buyer but now my mum is really worried about getting the proceeds of the sale back to England. She seems to think that unless she buys another house in Portugal within two years she will have to pay a 50% tax on the profit she makes from her house sale, can anyone advise if this is correct? In fact any pointers at all with regard to taxes, duties, etc would be very much appreciated.

Thanks,

John

[nightrider]

Hello,

I'm trying to help my mum sell her villa on the Algarve and find her a new home back in England. So far so good and we have found a buyer but now my mum is really worried about getting the proceeds of the sale back to England. She seems to think that unless she buys another house in Portugal within two years she will have to pay a 50% tax on the profit she makes from her house sale, can anyone advise if this is correct? In fact any pointers at all with regard to taxes, duties, etc would be very much appreciated.

Thanks,

John

Hi John,

Hopefully, Biffa will pick up on your posting asap.

I and others can supply some details, but really what you do need is some expert advice on this i.e.without being aware of your mother's exact situation it would of course be difficult to supply correct information etc......

We use Sovereign in Lagoa and are very happy with them.

nhoare@sovereigngroup.com

Hope this is of some assistance.

Regards
Nightrider

[B2D]

Is that what Biffa does I never knew.

[nightrider]

Is that what Biffa does I never knew.

Do what

[Guest]

Yes she must pay CGT on Gain...but its linked into earnings etc...and it wont be 50%....any accountant / Lawyer here is well aware of this and will advise you immediately..Call into your local Lawyer office and pay €100 and they will give you an exact breakdown of your liability

[nightrider]

Forgot to sign in below.Apology.

Nightrider

[Guest]

John,


Financial Advice:-

Sovereign in Lagoa Tel No: 00 351 282 340 480/Fax: 00 351 282 342 259

and

English Association etc:-

AFPOP Tel No: 00 351 282 456 509/Fax: 00 351 282 45 82 77

We use both the above.

Is you mother selling through a registered Portuguese AMI Estate Agent and has she already instructed a member of theOrdem dos Advogados (Societyof lawyers) or a solicidor?


Regards
Nightrider