Over the past few months we have seen an increase in the number of people coming to us for advice regarding overseas properties. It seems that many holiday home owners are unaware that they may be liable for UK Tax on rent received from overseas properties, and often it is thought that reporting the rent in the foreign country is sufficient. This is not the case. UK tax is due on income from an overseas property after the relevant expenses have been deducted and an annual tax return should be submitted to HMRC detailing this income. This applies for UK domiciles even if the rental income has not been brought into the UK. To avoid double taxation, a credit is given against any tax due on t
Silk Trading Route between China and India
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