Hi! Has anyone sold property in the Philippines? How did you handle the tax? Do you pay taxes both in Philippines and U.K.?
The double taxation convention entered into force on 22 January 1978. It’s effective in the Philippines from 1 January 1978 and in the UK from 1 April 1977 for: Corporation Tax Income Tax and Capital Gains Tax https://www.gov.uk/government/publications/philippines-tax-treaties
Most that sell property here drop the sale figures on the deed of sale as that amount is what the BIR tax them on. The problem is,if you do that,how can you bank the actual amount received without evidence of a different source of funds. Best speak to a local accountant IMO!
