Tax on overseas property lettings : Directgov - Money, tax and benefits

Profits and losses from different overseas properties

Because all overseas property lettings are treated as a single business, losses from one overseas property are automatically offset against profits from the others. And if you make a loss overall, you can offset it against future years' overseas rental profits.

But UK and overseas letting businesses are taxed separately - losses from one can't be offset against the profits from the other.

via direct.gov.uk

Part of the overall tax strategy is to be fully prepared for all eventualities.
Over Christmas we ordered from Amazon.co.uk, and noted that the payment was processed throught a European country, and was subject to a currency rate exchange. U2 have based themselves in Holland. When George Bush I (daddy bush) was the US President, it turns out that he never paid more than 4% in taxes. Good strategy is important.