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Old 03.12.2014, 17:24
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Re: Tax declaration on overseas asset.

Quote:
Which is why I said the word 'fortune' makes me laugh! Tax on said 'fortune' is very low, about .75 of a % on the value, minus mortgage and maintenance/costs. Value if of course difficult to assess accurately if not bought recently- so a sensible (eg on low side) value for the area, size and condition will be accepted for tax purpose. In our case, we used the price paid as it was recent, and values have not changed massively in that area of uk.
It depends how much the 'fortune' is. It can be as high as 5% apparently although there is a maximum amount payable which makes it lower in 'real' terms plus there are ways the to reduce it already mentioned.

http://www.ne.ch/autorites/DFS/SCCO/...s/Baremes.aspx
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