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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?