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Budget - Good News!
Budget - Good News!
I don't know if anyone else spotted it but there was a nice little piece of regulation change in yesterday's budget.
If you own your foreign property through a limited company then technically you should be taxed on use of that property as a benefit in kind. i.e. If the property could rent for £30,000 per annum then you owed Mr Brown £12,000 per year for the use of it. Not many people paid the tax but reports were that the treasury were starting to get tougher on locating these offshore companies and grabbing their (unfair) share.
However, the tax on this benefit was repealled yesterday and back-dated! - therefore, if you were worried that one day it may catch up with you it appears that you need worry no more! If you were unlucky enough to have been found and paid it then you are probably due a nice little windfall (make mine a bottle of Borba!)
Graham
If you own your foreign property through a limited company then technically you should be taxed on use of that property as a benefit in kind. i.e. If the property could rent for £30,000 per annum then you owed Mr Brown £12,000 per year for the use of it. Not many people paid the tax but reports were that the treasury were starting to get tougher on locating these offshore companies and grabbing their (unfair) share.
However, the tax on this benefit was repealled yesterday and back-dated! - therefore, if you were worried that one day it may catch up with you it appears that you need worry no more! If you were unlucky enough to have been found and paid it then you are probably due a nice little windfall (make mine a bottle of Borba!)
Graham
taxman cometh
Very interesting. Wonder if it still applies if u r about 2 purchase a property 2 do that within a ltd company. We r considering buying 2 rent out in CVO area/ somewhere & if this will apply 4 future properties, it will make it beneficial 4 me 2 put my house on the market in Lyme Regis & go 4 it now in CVO & put it thru the farm business.???Anyone out there who wants a property in Lyme Regis with good sea views, 3 min walk 2 beach,off street parking,3 large bedrooms, enclosed patio area,large outside office/studio, very close 2 a childrens footie pitch & playground & all ammenities, primary school within 5 min walk.Let me know, a deal can always be made 4 a private sale.???
