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Buying a property in the uk but living in spain
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jojospain
Posts: 1 Newbie
I currently live in spain and own a property plus my fathers property is in my name with him having the right to live in it til he passes. However i want to buy a property in the england or maybe wales for around 200000. Eventually to move back. In the meantime i will rent out the property on an airbnb style so that i can use it while i am in the uk.
It will be my 1st property in the uk.
What stamp duty will i pay.
Also i pay tax in spain. Do i just declare the rental income in spain or do i have to pay tax in the uk .
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Comments
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You will pay 3%, because it's an additional property. You own two properties now, and will own three after this purchase.
If you've already paid tax on the rental income in Spain, you declare that on your UK self-assessment tax return, and shouldn't be double-taxed. You'll obviously pay tax on the UK income.1 -
England has SDLT whilst Wales has LTT so two different tax regimes when buying property and whichever country you buy in it will be at the higher rate. The legislation is also subtly different between the two countries regarding letting property.jojospain said:I currently live in spain and own a property plus my fathers property is in my name with him having the right to live in it til he passes. However i want to buy a property in the england or maybe wales for around 200000. Eventually to move back. In the meantime i will rent out the property on an airbnb style so that i can use it while i am in the uk.It will be my 1st property in the uk.What stamp duty will i pay.Also i pay tax in spain. Do i just declare the rental income in spain or do i have to pay tax in the uk .
Will you be a cash buyer or will you require a mortgage?
How will you mange the change overs between guests if you're in Spain?
I think it would income in the UK and therefore subject to UK tax rather than Spanish tax.
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I’m pretty sure that, like France, Spain requires you to declare your worldwide income in your Spanish tax return. The tax (if any) will be paid in the UK but you still have to declare it in Spain.1
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