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STOP PRESS: At Spring Budget 2024, the Chancellor announced that the remittance basis would be abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

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