Second Homes Abroad

[Gone baby gone]

Because, if you have a house in Spain for example you have to pay taxes on the house - e.g. the equivalent of council tax, etc. The Spanish tax office will then inform the UK Inland Revenue that you have a property in Spain and these are the taxes, etc. you pay in Spain - i.e. all the info the Inland Revenue will need to assess what they need to charge you in relation to tax for that property in Spain. Our lives are going to be made more difficult by the information sharing structures that are being designed and put in place by governments in the EU and indeed in other countries around the world.

And the Spanish government know you are UK domiciled for tax purposes how exactly? And this process works smoothly and is already in place across the entire EU, including the EU accession states that have seen so much investment buying from the UK? I very much doubt it.

[Pablo-silver or lead?]

In the US on sale the proceeds of a property go through a Title Agent for distribution to the mortgage company, vendor etc. However a proportion is automatically withheld in the case of none US nationals to ensure that the vendor pays capital gains tax and that all other Sales taxes/tourist development taxes etc are up to date for every year of ownership. There is no escaping these taxes in the US if you're a UK owner.

Pablo Silver or Lead?

[montyduke]

So does this story still stand up?

if so wheres the info/link to back it up?

No it doesn't stand up. Ministry of (dis)information at work. Here's what the Daily Mail has to say about it. It couldn't be any clearer.

http://www.thisismoney.co.uk/mortgages/art...mp;in_page_id=8

PROPERTY ABROAD

• Draft legislation published later this year to ensure the benefit in kind charge levied on owners of property abroad who hold their home within a company will be removed. It will apply retrospectively.

>>Experts view: Ian Luder, of Grant Thornton, says that people who hold an overseas home through a company created solely for that purpose and not supported by another company will no longer have face benefit in kind charges on notional rental value for the time they spend there. This method of ownership has been used for reasons such as avoiding forced heirship rules on french property.