Will I Incur Additional Taxes on My Property in Budapest?

Q.1 Will I Need to Pay any Further Taxes on my Property in Budapest?

I have a rental property in Budapest, and local taxes have been deducted. Am I still liable for UK tax?

Arthur Weller replies:

If you are UK resident, you are subject to UK tax on this foreign rental income; see HMRC’s Property Income Manual at PIM4702. It should be reported on the foreign supplementary pages of the selfassessment tax return. However, on that form, you can apply for tax credit relief to offset the overseas tax you have suffered against your UK tax liability.

 

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