Specialist Dental Accountants for over 28 years - Call 020 8346 0391 

He (Mac) has helped me as my practice has expanded from single-handed to a six surgery/8 dentist practice.

To read full testimonial, click here.

Key Issues to consider before you splash out on that holiday home in the sun!

1. If you sell your holiday home at a later date, some or all or the gain may be chargeable to capital gains tax. (Individuals who just own and live in one home, would not pay capital gains tax on its sale. This relief is known as "Principal Private Residence Relief".)
2. Check if there are any rules in the country concerned that restrict purchases. For example, Bulgaria doesn’t allow foreign nationals to purchase land their, though that may not prevent an individual acquiring an apartment within a larger development.
3. Some countries have unusual inheritance laws. For example, France has rules of forced heirship, which direct who shall inherit property held by an individual on their death.
4. Look into what the local transfer and registration taxes on land are. Also check what the comparable rates for transfers of shares are. Some countries, Portugal for example, have wised up to the trick of using a company to avoid these local transfer taxes, and now levy an annual 5% tax on properties held by offshore companies.
5. If a company is used to buy a holiday home, the directors of the company could be faced with a benefit in kind arising from the availability of the property.

We take great pride in our service, and would be delighted to invite you for a free 1 hour, no obligation meeting at our comfortable offices. Simply call us  on 020 8346 0391 to arrange a mutually convenient time.

This web-site was last updated on 29/07/2008

Specialist Dental Accountants for over 27 years.

Copyright © 2003-2008 Mac Kotecha & Company. All rights Reserved. The information on this site is for general guidance only. It is essential to take professional advice on specific issues about their impact on any individual or entity. No liability can be accepted for any errors or omission or for any person acting or refraining from acting on the information provided on this site.

We can still help you if you're not a dentist. Please click here