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I want to build a property in Crete, I live in London, if I was going to make a profit on the sale, would pay taxes?
I work and live in London, which means they pay taxes here, I want to know if he would build and sell a property in Crete or Bulgeria would pay capital gains tax in that country and then take money here in London, then I will be taxed here. What would the tax on Crete and Bulgaria, where appropriate. thanks Chris
You would to look at the double taxation treaty between Crete where / Bulgaria and the UK. I imagine it would only pay taxes in the UK CGT. If you are taxed on Crete / Bulgaria then I guess that would claim the foreign tax relief would mean that the tax deducted at Crete / Bulgaria would be offset against any tax payable in the UK. Could be a problem with what the money back if someone sold it abroad, but sold it to someone in the UK then shouldn't be a problem. Moreover, only taxed on the profits for their CGT annual exemption which I believe is around £ 8000 mark. best advice is to talk to pref a CPA firm in London as Tho not cost more. they should charge a fee of around £ 400 to perform a task of looking into it and also calculating the potential gain. or you could ask the way income. you can find there phone number in the phone book or the site www.inlandrevenue.gov.uk Web
On Triopetra Beach Land For Sale South Crete Property