This was the exact situation one of our clients faced recently. They were eager to buy their new property in the UK but were hesitant, fearing their overseas property would trigger HRAD. The uncertainty can be stressful and for some it threatens to derail plans.

‍

They reached out to Compass for guidance, seeking clarity on the tax implications of their situation. Our team of tax experts carefully analyzed their circumstances, considering the value of their overseas property and the UK tax regulations. We were delighted to inform them that their overseas property would not trigger the HRAD, meaning their UK purchase would not incur the additional tax.

‍

The Cost of Misinformation

‍

This case underscores the critical importance of accurate tax information when buying property. Misconceptions about tax rules can lead to costly mistakes. Had our client assumed the HRAD applied, they might have abandoned their UK home search altogether or overpaid on Stamp Duty Land Tax, potentially losing thousands of pounds.

‍

Don't let tax confusion stand in the way of your property dreams. Compass is here to help you navigate the complexities of UK tax regulations, ensuring you pay the correct amount and make informed decisions.

‍

Call to Action:

‍

If you're considering buying property in the UK and have concerns about potential tax implications, contact Compass today for a free consultation. Our team will assess your situation, provide clear guidance, and empower you to achieve your property goals with confidence.

‍

Remember: When it comes to taxes, knowledge is your greatest asset. Don't risk overpaying or missing out on your dream home – let Compass guide you to a smooth and financially sound purchase.