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This guidance note looks at the income tax implications of owning and running an overseas property business for a UK resident individual. The treatment depends on the ownership structure of the business.

For more on the taxation of an overseas property business which is subject to corporation tax, see the Overseas property businesses for companies guidance note in the corporation tax module.

The purchase of a property abroad will always be complex as at least two different jurisdictions’ laws will need to be dealt with when considering the tax aspects. For this reason, it will always be important to take expert local advice on the local tax and UK positions, in respect of the purchase, reporting and paying tax on income and the charges on disposal.

If an individual is taxable in the UK on income from an overseas property business or any gain arising on the sale of the property, then consideration will need to be given to any foreign tax paid and how this