British citizens who have set up home on the continent are braced for higher taxes on their buy-to-let properties in the UK. There are an estimated 500,000 Britons who own second homes in EU member states. According to a Financial Times report, Britons living in Italy could see their duties increase on the property still owned in the UK.
Milan-based wealth manager Daniel Shillito warned taxes could jump “by the thousands” because expats will be considered third-country nationals after Brexit.
Express.co.uk readers reacted with fury, and some said the EU had fallen short of its values.
One person said: “So much for the gushy luvvie open arms we love everyone of the EU!”
A second reader wrote: “No EU citizen has been booted our taxed out.
One person said: “Time for Brexiteers to get over it! This is the BREXIT you voted for.”
Another man said it was only right that people splitting their time between their homes in the UK and an EU member state should pay taxes.
He explained: “I am sorry but for too long many people have lived tax free in the EU and in Britain by splitting their time between both countries and creaming the benefits of both countries.
“So now this has caught up with them.”
Since January 1, Britons living on the continent have had to come to terms with their new, and perhaps unwelcome, third-country status.
Before Brexit, the IVIE wealth tax was calculated on 0.76 percent of the council tax valuation of a property in the UK.
But a change in the rules could mean that the tax will be calculated on the home’s purchase price or market value.
Mr Shillito predicted dire consequences for British expats.
He said: “I have a client who is moving to Italy now, but selling their UK property due to this.”