Dubai is a tax-free haven, with no income tax, capital gains tax, or property tax. This means that UK investors can keep all of their rental income and capital gains from their Dubai property, without having to pay any taxes in Dubai.
However, UK investors will still be liable to pay UK taxes on their rental income and capital gains from their Dubai property. This is because the UK taxes its residents on their worldwide income and gains, regardless of where they are earned.
The UK tax rates on rental income and capital gains vary depending on your income tax band. For more information, please visit the UK Government website.
How to reduce your UK tax liability on rental income and capital gains from Dubai property
There are a few things that UK investors can do to reduce their UK tax liability on rental income and capital gains from Dubai property:
Set up a limited company. If you set up a limited company to own your Dubai property, you can benefit from lower corporation tax rates.
Utilise capital allowances. Capital allowances are a type of tax relief that can be claimed on the purchase of certain assets, such as property.
Offset your rental income with expenses. You can offset your rental income with certain expenses, such as interest on mortgages and maintenance costs.
Take advantage of the annual capital gains tax exemption. You can benefit from an annual capital gains tax exemption of £12,300.
Aeon & Trisl UK can help you to reduce your UK tax liability on rental income and capital gains from Dubai property by:
Advising you on the best way to structure your property purchase
Helping you to set up a limited company (if required)
Helping you to claim capital allowances
Advising you on how to offset your rental income with expenses
Helping you to take advantage of the annual capital gains tax exemption
Aeon & Trisl UK can also provide you with a range of other services, such as property management and legal advice.
If you are a UK investor looking to reduce your UK tax liability on rental income and capital gains from Dubai property, contact Aeon & Trisl UK today. Their team of experts will be happy to answer your questions and help you get started.
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