Together with the proposed 2012 Portuguese Budget is a document proposing rectification to the 2003 general property reform. The 2003 changes established a 10 year period to achieve a general revaluation for tax purposes of all property in Portugal.
There is a lot to think about when moving to Portugal. It’s hard enough moving to a different place in your home country, but relocating abroad often involves extra matters to be organised and is simpler to put some on the back burner for a time when life has settled down.
Thousands of British people, who have moved or retired abroad, could be chased for tax going back six years following a recent court ruling. The landmark decision changed the way the Inland Revenue & Customs calculates whether you are deemed to be resident in Britain and therefore whether you must pay UK tax on your worldwide income and gains.
Tax on rental income in Portugal As many of you rent out your property through our services it is maybe good to know if and what you have to declare to the Portuguese tax authorities (Finançes). It is known know that undeclared rental income is high on the list of the Finançes. All rental income either received inside or outside Portugal but related to in Portugal situated real estate is subject to either IRS (income) tax, for property owned in your own name or IRC (corporate) tax for properties owned by an offshore property company.
