Anyone with a holiday home in Spain who rents it out when they are not using it faces additional tax charges now the UK is no longer part of the EU.
The Spanish authorities are obliged to treat residents of other EU countries favourably, but no such rights are available to residents of non EU territories and this currently means a higher tax rate and no deduction for expenses. UK residents are therefore advised to seek local advice on how they may be affected so that they can plan accordingly. Additionally, whilst this piece refers specifically to Spain, anyone with income or assets in other EU countries would be advised to check the local tax rules to find out if they may be affected.
If you would like to discuss your position, please get in touch with our Tax Team on 01273 701200 or email info@plusaccounting.co.uk.
Author: Plus Accounting
Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.
Last Updated: 7 March 2023