Many people set up companies through which they could buy properties, in a
bid to circumvent foreign tax and inheritance rules.
But the properties were treated in the UK as a benefit in kind for the
private use of the property if purchased by a company, and liable for tax.
Many individuals were unaware of the tax, and advisers had called for it to
PricewaterhouseCoopers’ Leonie Kerswill said the change had been
long-awaited: ‘We’ve been asking for this for a long time. Many clients were
unaware of this, and it avoids negligence issues. It’s a common sense decision.’
Richard Mannion, national tax director at Smith & Williamson, said many
people had bought retirement homes abroad in this way, and welcomed the change.
The decision has been made retrospectively, and overseas property owners
could be due thousands of pounds in already paid taxes.
Crowe Clark Whitehill , the top 20 accountancy firm, has announced the promotion of Chris Mould to partner
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UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy