Two lots of Taxes?

[tryb4buy]

I am building a portfolio of properties abroad - majority of them will be in Morocco over the next 3 - 4 years. Do I then need to pay tax in the UK on the income, even if I don't bring the money into the country? I am hoping to put back any profits made into other property. Please assist.

 

[btlwinner]

A lot more investors are now buying overseas property to add to their existing portfolio. Like these other investors, you too will have to pay tax on your Morocco property even though you don't bring any money back to the UK. They payment will be made to the tax authorities in Morocco and this will then be needed to be declared to the UK Inland Revenue.

However, there is a double tax treaty in place between Morocco and the UK and this protects the investor from being liable for both income tax and capital gains tax in both countries.

 

[moroccomania]

As with anything to do with investing / money, always get a pro's opinion. It may cost in the beginning, but will save you a lot in the long run!