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5 years no capital gains nonsence

Discussion in 'Bulgaria Property' started by roythepower, Aug 19, 2008.

  1. roythepower

    roythepower New Member

    I sent a letter to the tax office enquiring about this, invest in easter europe for 5 years and pay no capital gains tax theory, in may. It finally got to my tax office and they replied to me but gave no answer so i rang them up and spoke to a senior valuation officer and he said that this is nonsense and hat he had never heard of this treaty and that they would go by whats on the deeds. If you did not agree you could appeal and an officer would investigate but the English tax office would tax us like normal doing what they do best, giving it to us up the bum.

    I have also brought of plan in slovakia through a company called obelisk who are based in marbella and they say this treaty is true so i today rang them and told them to put it in writing to me which law says this and where it is in the british tax regulations. When they come back to me i will let you know. But until they do come baqck to me, with possible good news i am afraid we all got to brace ourselves to getting a sore bum :eek: from the british tax office, again.

    So watch this space.....
     
  2. Lysos

    Lysos New Member

    Roy, All these developers and agents using the magic phrase "no capital gains tax to pay" - wherever in the world - are being devious. There may well be no liability for CGT in the country where the property is located, but if you are a UK taxpayer then you are liable for CGT in the UK on your worldwide assets.

    Incidentally, if you've made a capital gain in Bulgaria you are to be congratulated !.
     
  3. NeilHollingsworth

    NeilHollingsworth New Member

    Lysos is correct and yes lots of agents use it as a selling point. The amount of people i have had to explain to that the British tax system will always tax you on any funds made anywhere in the world if you repatriate the money back to the UK.

    Even if you get it in writing i would be cautious.
     
  4. Lysos

    Lysos New Member

    Neil,

    Even if you don't repatriate the proceds to Uk you are still liable for tax. What you do with the money or where you put it doesn't interest the taxman, he just wants his slice. Of course, keeping the money somewhere off shore and not declaring it is tax evasion and illegal.
     
  5. NeilHollingsworth

    NeilHollingsworth New Member

    I was just using the scenario that most people would want to bring the funds back to the UK, but you are right.
     
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