Monday, 26 March 2007
Budget Benefits Sunseeking Home Owners
Many owners of second homes in the sun have purchased through a company to avoid local taxes and inheritance laws. However up until now it means they may have been liable to pay tax on this property as a benefit in kind, meaning possible tax liability of up to 40% of the assumed rental value.
However a change in this years budget has removed this levy, provided the home is used only by the owner and is the company's sole asset. The change will not take effect until 2008 but it will be retrospective with owners being able to claim for tax already paid.
However a change in this years budget has removed this levy, provided the home is used only by the owner and is the company's sole asset. The change will not take effect until 2008 but it will be retrospective with owners being able to claim for tax already paid.
If you are planning to buy a second home for the use of you and your family you need to identify the type of house and location that will work for you. Contact Us now for a free, obligation free consultation.
Source: The Times On-Line
Source: The Times On-Line
