Holiday Homes Abroad
It has always been a worry that those who buy holiday homes abroad through a company could be liable to a tax charge as a benefit in kind. In the 2007 Budget it was announced that the Government would introduce legislation to remove this possibility provided that there was no tax avoidance involved and all that the company did was hold the property.
The legislation has finally made the statute book in the Finance Act 2008 and provided the conditions are met the exemption is deemed to have always had effect. H M Revenue & Customs have indicated that if tax has been paid in the past on such a property then a claim for a refund can now be made.
Details of how to make a claim can be found here.
Date: 28th August, 2008
Articles from this Author
2nd May, 2017
UK Property – still the real deal?
17th June, 2016
Update on the Annual Tax on Enveloped Dwellings (ATED)
26th November, 2015
Property round-up - Autumn Statement
8th July, 2015
Buy-to-let investors - tax changes ahead
Contact a Private Client Partner
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole