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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10253
Experience:  FCCA FCMA CGMA ACIS
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Can you suggest someone to help me with taxation regarding

Customer Question

can you suggest someone to help me with taxation regarding an austrian property i have rented and now sold, I am resident in the Uk
JA: When was the property or asset sold?
Customer: january 21
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Submitted: 8 days ago.
Category: Tax
Expert:  taxadvisor.uk replied 8 days ago.

Hello and welcome to JustAnswer. I’m taxadvisor.uk, a UK qualified accountant. Reviewing your question and will respond to you shortly.
Many thanks

Expert:  taxadvisor.uk replied 8 days ago.

Thank you for your question.

If you provide me with basic information I will be able to help you with computation of CGT for UK tax purposes.

Many thanks

Customer: replied 8 days ago.
i need someone who understands the austrian system a bit.......... i have been getting conflicting advice
Customer: replied 8 days ago.
its not Uk taxation that is the issue. We have sold the property and have to pay 30% cap gains tax in austria, we know that from previous experience, this is always deducted before we get the funds. however this time the lawyer is saying that we have to pay additional taxes due to the fact that we have been renting it and an element of depreciation' as they call it is necessary.
Expert:  taxadvisor.uk replied 8 days ago.

Thank you for your reply.

I am not an expert on Austrian taxation and will opt out.

Best wishes.

Customer: replied 8 days ago.
is there anyone out there that can help with austrian taxation please?
Expert:  bigduckontax replied 8 days ago.

Under the Double taxation Treaty between the UK and Austria any tax paid there is allowable as a tax credit against any tax due in the UK from this transaction.

Customer: replied 8 days ago.
I know that. I have sold property before and they have simply deducted capital gains tax at 30% of the profit and as this is more that the Uk capital gains tax rate, I had nothing to pay. This time the austrian tax office are bumping up the profit by depreciating the original purchase costs........... presume i have to consult an tax advisor in austria.
Customer: replied 8 days ago.
a quick thing you may know.......... I declared my rental income on my uk tax return as Eu property was treated the same as Uk holiday let property. I did not declare any income to the austrian tax authorities as I understood that I did not have to.......... am I wrong???
Expert:  bigduckontax replied 8 days ago.

I cannot help you there, I am not an Austrian tax expert, sorry.