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Expatriate News: British expatriates rage as UK expatriates may raise taxes in the EU | UK | News

British citizens who have built their homes on the continent are preparing to raise taxes on their UK purchases. There are an estimated 500,000 British who own a second house in EU member states. British people living in Italy may be more obligated to real estate still owned in the UK, according to a report from the Financial Times.

Milan-based wealth manager Daniel Sirito warned that taxes could jump “thousands of dollars” as expatriates are considered third-country citizens after Brexit.

Express.co.uk Readers responded to anger, with some saying the EU was below its value.

One said, “I love everyone in the EU with my goosey ruby ​​outstretched!”

The second reader wrote:

One said, “It’s time for Brexiteers to get over it! This is the BREXIT you voted for.”

Another man said it was right for people spending time between their UK homes and EU member states to pay taxes.

He explained: “Sorry, in the EU and the UK, many people have lived tax-free by spending time between them and enjoying the benefits of both countries.

“So now this has caught up with them.”

Since January 1st, continental British have had to agree on their new and perhaps unwelcome third-country status.

Prior to Brexit, IVIE’s wealth tax was calculated at 0.76 percent of the UK real estate council tax valuation.

However, a change in the rules can mean that taxes are calculated based on the purchase price or market price of the home.

Sirito predicted disastrous consequences for British expatriates.

He states: “I have a client who is currently moving to Italy, which is causing me to sell my real estate in the UK.”



Expatriate News: British expatriates rage as UK expatriates may raise taxes in the EU | UK | News

SourceExpatriate News: British expatriates rage as UK expatriates may raise taxes in the EU | UK | News

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