I pretty much think that stamp duty is only deductible if you become a corporation in the UK as a private individual doing your tax return stamp duty is not deductible. As for a foreigner declaring your UK rental income in Japan, my accountant tells me stamp duty is deductible.KyushuWoozy wrote: ↑Mon Mar 15, 2021 3:12 amIndeed, and stamp duty holiday has been extended again in the recent budget. Rishi seems to be the chancellor that keeps on giving ...
Japan tax on overseas property income
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Re: Japan tax on overseas property income
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Re: Japan tax on overseas property income
You're right, it isn't deductible as an expense in the UK but can be offset against capital gains tax when you come to sell.Wales4rugbyWC19 wrote: ↑Mon Mar 15, 2021 4:42 am in the UK as a private individual doing your tax return stamp duty is not deductible
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Re: Japan tax on overseas property income
Many thanks for the replies.Some good information as usual on this forum.
Now to find some time to visit the tax office....
Now to find some time to visit the tax office....
Re: Japan tax on overseas property income
Some expenses I have submitted on an overseas property, and ones I heard that are possible to submit (Disclaimer I am no tax advisor , this has worked for me previously)
Labtop PC
50% of a price of bicycle
Internet connection fee
Printer
Printer Ink
Plane ticket to the country where property is located
Labtop PC
50% of a price of bicycle
Internet connection fee
Printer
Printer Ink
Plane ticket to the country where property is located
Re: Japan tax on overseas property income
As my purchase was mid year if I deduct the stamp duty and other costs I have made a loss. Can I make a negative declaration and reduce my total income?
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Re: Japan tax on overseas property income
Your best bet by a long way is to talk to a Japanese accountant who has had experience of doing tax returns for clients who have had to declare overseas income.
Re: Japan tax on overseas property income
I went to the tax office last week, they produced a separate sheet with a piece of carbon paper (very old school) and asked me to write three numbers. Income from property, expenses and profit or in this case loss. Didn't`t ask for any receipts or explanation of how I calculated my numbers.