I’m looking for property overseas – can I offset the travelling cost?
I have travelled overseas to look at investing in property in
You cannot offset the travel cost against the
is not connected with them.
You should note that losses on properties abroad cannot be offset against UK income in any form, as the foreign income or loss is dealt with under a separate case of the Taxes Act (effectively this means the losses or profits are ring fenced).
Bear in mind when looking at property abroad that you will need to comply with local tax laws and file locally as well as reporting the income in the
You may be able to offset this cost against the income from the property in
Would have to check locally.
Another point worth mentioning is that different countries have different ways of calculating the profit for tax purposes and hence your profit can be different for
If you bought in a third country then this is abortive expenditure and not allowable if you bought in, say,
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