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- Jan 14, 2016
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Hello
I am being forced to move back to the UK by circumstances. I sell antiques around the world that I buy at UK auctions, but Spain is enforcing / regulating strict heritage export regulations, and are requiring me to obtain a permit for each and every antique I sell to someone outside Spain (permits take at least 30 days to get and none of my customers will wait that long). The EC agrees with my position (that as Spain can not reject any permit because the items were bought in the UK, and therefore the act of forcing me to apoply becomes arbitrary and therefore in breach of European Freedom of Movement of Goods provisions), but I will still end up paying increased taxes and having to endure an increased paperwork / reporting burdon for items that are really not worth the effort. In the UK, I can ship these items wherever I choose under the UK's Open General Export License, PLUS the VAT / sales tax burdon is less.
Question
I have a large home here in Spain. The Spanish real estate market is not yet back up to its former self. I intend to declare / keep the Spanish property as my main residence (as I own it) and rent a house (with a workshop, working from home) in the UK. As, effectively, until I sell the Spanish property and buy somehwere in the UK, the UK property rental will be a provision for me to work away from my main residence. I understand I will be income tax domeciled in the UK for personal income tax.
But, my question is, will / could the entire cost of the UK property I rent be a tax write off?
I am being forced to move back to the UK by circumstances. I sell antiques around the world that I buy at UK auctions, but Spain is enforcing / regulating strict heritage export regulations, and are requiring me to obtain a permit for each and every antique I sell to someone outside Spain (permits take at least 30 days to get and none of my customers will wait that long). The EC agrees with my position (that as Spain can not reject any permit because the items were bought in the UK, and therefore the act of forcing me to apoply becomes arbitrary and therefore in breach of European Freedom of Movement of Goods provisions), but I will still end up paying increased taxes and having to endure an increased paperwork / reporting burdon for items that are really not worth the effort. In the UK, I can ship these items wherever I choose under the UK's Open General Export License, PLUS the VAT / sales tax burdon is less.
Question
I have a large home here in Spain. The Spanish real estate market is not yet back up to its former self. I intend to declare / keep the Spanish property as my main residence (as I own it) and rent a house (with a workshop, working from home) in the UK. As, effectively, until I sell the Spanish property and buy somehwere in the UK, the UK property rental will be a provision for me to work away from my main residence. I understand I will be income tax domeciled in the UK for personal income tax.
But, my question is, will / could the entire cost of the UK property I rent be a tax write off?