Gapital gains tax This is an article explaining the capital gains tax consequences of selling property that is in an offshore company.
The Situation
Options one and two
Option three and the conclusion
MANY OWNERS of offshore companies, both black and white listed, reach the point where, for any number of reasons, they wish to sell up.
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UK inheritance tax (IHT) is a worrying matter for more and more Britons as they fall liable to this damaging tax. You don’t have to be a UK resident to be a victim. Expatriates living in Portugal may also be subject to IHT, although many may not realise this.
The thought of having to pay 40% tax on the value of your wealth over the UK tax-free allowance of £300,000 can be distressing, and even more so for unenlightened beneficiaries suddenly landed with a huge tax bill which they may struggle to pay.
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UNTIL RECENTLY, you could bank on banking secrecy. You knew that if you opened an offshore account in the Channel Islands or Isle of Man, no one could find out about it unless you authorised it. Financial confidentiality was alive and well. Over just a few short years the situation has, however, changed dramatically.
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THE UK Revenue and Customs announced an unprecedented amnesty for hundreds of thousands of British tax residents with assets offshore, including holiday homes, property companies and bank accounts, in an attempt to recover billions of pounds in unpaid tax.
Taxpayers will be given two months to declare unpaid tax on rent from foreign properties, or on interest from accounts in the Channel Islands and other tax havens.
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THE UK Revenue and Customs announced an unprecedented amnesty for hundreds of thousands of British tax residents with assets offshore, including holiday homes, property companies and bank accounts, in an attempt to recover billions of pounds in unpaid tax.
Taxpayers will be given two months to declare unpaid tax on rent from foreign properties, or on interest from accounts in the Channel Islands and other tax havens.
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There is a lot to think about when moving to Portugal. It’s hard enough moving to a different place in your home country, but relocating abroad often involves extra matters to be organised and is simpler to put some on the back burner for a time when life has settled down.
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Thousands of British people, who have moved or retired abroad, could be chased for tax going back six years following a recent court ruling. The landmark decision changed the way the Inland Revenue & Customs calculates whether you are deemed to be resident in Britain and therefore whether you must pay UK tax on your worldwide income and gains.
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C.G.T. = Capital Gains Tax = Mais-Valía An issue people in the past never worried about when selling a property was tax, but now it is!! Everyone will agree this is a valid concern. What most people do not know is that it is at the point of purchase that one should be concerned about capital gains.
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Portuguese fiscal numbers: What you don’t know can hurt you! This is the first in a three part series about potential problems lurking below the surface with your Portuguese Fiscal Numbers:
The basics
Potential problems
Other concerns
What you don’t know can hurt you! The basics WHEN FOREIGNERS first come to Portugal, one of the early steps to adapting to local bureaucratic prerequisites is acquiring a Portuguese Fiscal number.
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