Quote:
Originally Posted by Mark .Y.
Whilst I agree with a lot of your post Red, points 2 and 3 should be clarified:
2. I assume you mean a "hoped for" increase in low cost carrier flights. I am not aware of any low cost carrier flights to any destination over about 4 hours from the UK. I think (but this is only guessing) that the budget airlines have problems with their business models over longer distances (hence not flying cheaply to the US).
3. My favourite bugbear - for UK domiciled citizens, both CGT and Inheritance Tax (should you become liable to it) is payable on your worldwide assets including, surprise surprise, those in Egypt. Not something the agents like to mention. They prefer to tell you there is none of those taxes in Egypt which may be true but is completely irrelevant to "normal" UK citizens which we find on this forum.
Mark .Y.
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Mark, I believe that Easyjet are planning to fly to Hurghada airport very soon (they may have already started). I also believe that other low cost carriers are considering flying to Hurghada as it's a growing market.
With regards to the Tax issue you make a valid point. But unlike other countries there is no VAT charge on off plan property.
I do however agree that other countries such as Morocco have better taxation rules ie. they have a double tax treaty rule with the UK where CGT is only payable once in Morocco (20% if you sell 1-5 years, 10% is you sell 5-10 years and 0% if you sell after 10 years). Also as there is a double tax treaty agreement with the UK no inhetritance tax is payable both in Morocco and the UK.
The Egyptian authorities should go along the same lines and introduce a double tax treaty rule with the UK and say charge 5% or 10% CGT only which will be payable only once in Egypt and then no tax payable in the UK