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UK Capital gains Tax on Amsterdam property

UK Capital gains Tax on Amsterdam property

Old Aug 5th 2023, 5:11 pm
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Default UK Capital gains Tax on Amsterdam property

I'm just wondering if anyone on here has been through this and has any advice.

A relative lived in Amsterdam for several years before returning to England. He still owns a property there but it has been rented out. He is planning on selling it within a year. He tells me that the Netherlands does not have capital gains tax on properties but charges an annual tax based on the property value.

We imagine that he will be subject to UK capital gains tax when he sells the property but might be able to claim a foreign tax credit for the tax paid annually in the Netherlands.

Has anyone on here done this and could maybe advise how this all works ?
Thanks very much for any help.
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Old Aug 6th 2023, 9:22 am
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Default Re: UK Capital gains Tax on Amsterdam property

This is incorrect unfortunately. "The Annual Tax" has nothing to do with purchase or sale of a property.
It is the equivalent of the Council Tax in UK. You don't get it back.

He will pay Capital Gains on the sale of the property in NL if he is now resident in UK.
In 2023 the personal allowance is £ 6000 (amount you are allowed to keep before taxation) and in 2024 this reduces to £ 3000.

If he lived in NL and was employed, any Income tax credits would already have been made, so there are norther tax credits to be expected.
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Old Aug 6th 2023, 10:57 am
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Default Re: UK Capital gains Tax on Amsterdam property

Thanks !

That is kind of what I expected when I googled and saw that the annual tax was set by municipalities. But I also saw that there is no capital gains tax in the Netherlands on property so there was just a chance.
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Old Aug 6th 2023, 11:05 am
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Default Re: UK Capital gains Tax on Amsterdam property

There are taxes payable but it's very much intertwined with the income tax system and only payable if you are still resident in NL.
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