Overseas holiday homes
Lower income tax charges on the horizon

Gordon Brown's announced during his 11th Budget speech that thousands of Britons who own holiday homes abroad within a company will now face lower income tax charges.
In some countries, such as Bulgaria, foreigners are not allowed to own property, so setting up a company through which to buy your holiday home is the only choice.
Until the Budget the tax system taxed the property as a benefit in kind.

This article is for your general information and use only and is not intended to address your particular requirements. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without appropriate professional advice after a thorough examination of their particular situation. Budget 2007 information included in this article is subject to the Finance Bill becoming law. Your home may be repossessed if you do not keep up repayments on your mortgage.

Article date: 03.07