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  • Overseas Investing

    Tax Relief against rental income in spain

    Thanks David

    I think I will speak to a Spanish accountant as you suggest.

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    I McCarthy


    Hi Ian,

    I have rental property in Poland and used finance from the UK to fund it. I include the mortgage interest as part of my expenses in my Polish tax return and on my UK return. On the UK return my UK rental income and Polish are separate and losses cannot be offset across the two. It is likely similar for Spain but you need to check with a local adviser.

    One issue to consider is whether it is a valid expense for your circumstances if you bought for cash in the first instance, There are rules in some Continental countries about your 'tax' situation being based on the original LTV at the date of purchase, not on any later remortgage. So if you had a 0 LTV at the outset, then want to mortgage it to 70/80/90/100% LTV, you need to check if the re-mortgaqed LTV is taken into account for your tax calculations. In Poland it isn't.

    Regards


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