Investors 'should get advice before buying'
Wednesday September 12th , 2007
Prospective investors in overseas property have been advised to consult a specialist before entering into a transaction.
Chris Mackie, a financial planner with Acumen, told the Scotsman that many people had misconceptions regarding the financial impact of purchasing overseas.
Specifically, he said that it was often assumed that property owned abroad was not subject to the British tax regime.
However, as an asset owned by a registered UK citizen, it could still form part of a person's estate and therefore make them liable to pay inheritance tax.
Speaking to the publication, Mr Mackie said: "Taking professional advice can help to minimise the impact of these taxes."
He added that many factors had contributed to the surge in the number of Britons moving overseas, such as rapid house price inflation in the UK and the weather.
The comments follow the release of official figures showing that during the year to July 2006, 385,000 people left the UK to live in countries such as Spain.
