We have a wide range of expertise when it comes to international property transactions.
When a property in the UK is owned by a non-UK resident, or a UK resident owns a property overseas, there are legal requirements imposed by both HMRC and the overseas equivalent, that landlords must adhere to. When it comes to the requirements regarding international property transactions they differ depending on each circumstance. Therefore it can be difficult to know what is expected. Wellden Turnbull have a wealth of experience within this area.
We will assess each situation individually, factoring in overseas obligations, and outline the relevant transactions required in the UK. We offer support and advice on tax planning, transfer pricing, banking and acquisitions.
For UK residents owning property overseas – we will:
- Prepare and submit all required UK tax returns to HMRC
- Assess and advise on reducing ‘double’ taxation – tax incurred both in the UK and overseas
For non-UK resident owning property in the UK – we will:
- Prepare and submit applications to HMRC
- Prepare and submit UK tax returns to HMRC
- Ensure adherence to the Non-Resident Landlord’s Scheme regulations
- Ensure UK rents and required tax is paid in accordance to regulations
- Manage applications for HMRC clearance on offshore trusts of companies.