joo who
11 Dec 2007
Real Estate / Can foreigners buy land, house, or apartment in Poland? [60]
No such organisation....ceased to exist about 3 years ago, when it became HM Revenue and Customs. There are double taxation agreements in place between Poland and UK to prevent you from paying tax twice on the same thing, so don't panic! And the UK has a generous capital gains exemption allowance....don't be put off by the tax man! If you were to reinvest the profit into the polish property market, capital gains wouldn't apply... I also remember reading somewhere that if you have the property in excess of 5 years, no capital gain is applied....but would prefer not to stake my reputation on that one, as I seem to read a lot of contradictory information depending which web site I'm on...
More on tax issues?? If you make the property in Poland your principle private residence before you sell, you wouldn't have any tax liability on it in the UK as long as you sold it within 3 years of living there...so if you bought a place in Poland, kept it for 5 yrs, lived in it for a while, then sold, no CG tax in Poland or UK??! Unless it can be proven your intention was to make money from the outset...
Inland Revenue
No such organisation....ceased to exist about 3 years ago, when it became HM Revenue and Customs. There are double taxation agreements in place between Poland and UK to prevent you from paying tax twice on the same thing, so don't panic! And the UK has a generous capital gains exemption allowance....don't be put off by the tax man! If you were to reinvest the profit into the polish property market, capital gains wouldn't apply... I also remember reading somewhere that if you have the property in excess of 5 years, no capital gain is applied....but would prefer not to stake my reputation on that one, as I seem to read a lot of contradictory information depending which web site I'm on...
More on tax issues?? If you make the property in Poland your principle private residence before you sell, you wouldn't have any tax liability on it in the UK as long as you sold it within 3 years of living there...so if you bought a place in Poland, kept it for 5 yrs, lived in it for a while, then sold, no CG tax in Poland or UK??! Unless it can be proven your intention was to make money from the outset...