Land owned abroad

I have 2 clients who are paying for land that is yet to be built on in the Philippines. I know there are regulations about property and property abroad which is taken into account when calculating HB, but I cannot seem to find anything about land. Does anyone know where else I can look?.

The clients are pensionable age, but one still works. They receive state and private pensions only.

thanks !

Hi Kate,

In summary, whether your two clients own land or property abroad the issue is the same- unless the asset falls to be disregarded for whatever reason what counts is the capital value of the asset on the open market (minus reasonable selling costs/any other costs that can be taken into account against the market value). So it really will depend on how much it is worth…

ok thanks for that information

I understand that there are restrictions on taking currency out of the Philippines.  This means that the value of the land must be taken as being that which a willing buyer in the UK would pay for it.

This obviously reduces the value substantially.  Is there much of a market in the UK for land in the Philippines?