RetireJapan

KyushuWoozy wrote: ↑Mon Mar 15, 2021 3:12 am

SARS wrote: ↑Sun Mar 14, 2021 11:49 am Yes, second property stamp duty is significant, although this year it was a lot lower given the stamp duty holiday.

Indeed, and stamp duty holiday has been extended again in the recent budget. Rishi seems to be the chancellor that keeps on giving ...

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.

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

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.

Many thanks for the replies.Some good information as usual on this forum.
Now to find some time to visit the tax office....

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

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?

Cheeseman wrote: ↑Thu Mar 25, 2021 6:20 am 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?

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.

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.