Anyone with a holiday home in Spain who rents it out when they are not using it is likely to face additional tax charges when the UK is no longer part of the EU.
The Spanish authorities are obliged to treat residents of other EU countries favourably, but no such rights are available to residents of non EU territories and this currently means a higher tax rate and no deduction for expenses. UK residents are therefore advised to seek local advice on how they may be affected so that they can plan accordingly. Additionally, whilst this piece refers specifically to Spain, anyone with income or assets in other EU countries would be advised to check the local tax rules to find out if they may be affected.
If you would like to discuss your position, please get in touch with our Tax Team on 01273 701200 or email firstname.lastname@example.org
Author: Anthony Barron, Tax Manager @ Plus Accounting
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