UK Budget

[Al Garb]

I know that you are all avid budget followers and will already have read the small print closely but just in case you haven't.
If you are a UK resident and taxpayer owning a property in the EEC that is used for holiday lets there might be a little good news for you.
The Inland Revenue has in the past allowed owners of holiday lets in the UK to regard them as business assets and so use costs to offset against other income as well as rolling over capital gains. This has now been stopped because the EC deemed it to discriminate against UK residents who owned property in Europe who were not allowed to do so - but there is a window of opportunity as your accountant would say.
EC owners whose property was available to let for more than 140 days and actually let for at least 10 weeks will be able to ask for a rebate on UK tax back as far as the 03 - 04 tax year providing they apply by 31st July.

[shanagarry]

Very interesting Al Garb and I'm sure this will stimulate a degree of interest - but beware.

Those 'landlords' who have declared the receipt of rental income may very well submit their retrospective claims - but I know a number of people who rent their properties and have no intention of ever declaring their Portuguese rental income.

I apologise to all you law abiding souls who tell Mr Darling about your ancillary income - I suspect you may be few in number.