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Tax change for overseas properties announced

By • Mar 1st, 2007 • Category: Company News, Property News & Info

The British Government has announced its intention to bring forward legislation in Finance Bill 2008 which will ensure that individuals who have bought or will buy a home abroad, will not face a benefit in kind tax charge for any private use of the property if purchased through a company.

 

Tax change for overseas propertiesDraft legislation will be published for consultation later this year. HMRC will not seek to tax anyone in the intervening period where the following conditions are met:

  • the property is owned by a company owned by individuals;
  • the company’s only activities are ones that are incidental to its ownership of the property;
  • the property is not funded directly of indirectly by a connected company
  • the property is the company’s only or main asset.

- Office Manager - Lina was born in Madeira but spent her formative years in England. In 1981 her family relocated to the Algarve because of its high quality of living and mild climate.
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