UK Money News
28th November 2007
Overseas property 'could have tax implications'
Any consumers considering making an investment in overseas property as a means of securing help with money should consult an expert first, it has been claimed.
The finance news comes from Calculis, an independent personal finance advisory firm, which states that buying such property could have inheritance tax implications.
Alex Pegley, director of the company, remarks: "They should get a feeling for what the inheritance tax situation is in the country they’re buying in. With the UK situation, talk to a UK independent financial advisor or an accountant.
"But abroad, they really need to talk to the person in the country they're buying in."
He added that many people do not often acknowledge this consideration without prompting, meaning that many could experience an unexpected blow to their family's personal finance situation on their death.
Such finance news adds to recent debates about inheritance tax within UK shores, with chancellor Alistair Darling recently announcing an increase in the threshold for the tax to £600,000.
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