Hundreds of thousands of Britons who let out their European holiday homes have just weeks left in which to claim a retrospective tax break that could be worth thousands
People with furnished holiday lets in Europe have been given the opportunity to apply retrospectively for beneficial tax treatment. Previously the tax rebate was reserved for owners of UK-based holiday lets. It will be scrapped altogether from April 6, 2010 under plans announced in the Budget earlier this year.
HM Revenue & Customs will accept late amendments to 2006-7 tax returns by July 31 this year and late claims by letter as far back as 2003-4.
Keith Baker, vice chairman of NAEA International said: "The amount of tax foreign property owners may be able to reclaim could be quite significant. With the deadline approaching next month it is time to make a claim, if you've not already.
"Not all furnished holiday lets in Europe qualify for this special tax treatment so it is important to check your property meets the necessary criteria before making a claim. Your personal tax accountant will be able to guide you through the maze.
"For example, to be eligible the property must be available for letting as holiday accommodation for at least 140 days during a 12-month period and lets must be shorter than 31 days.
"With the tax incentive removed, these changes may make it easier and more attractive for people to invest in holiday let property abroad instead of just the UK."
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Date: 18th, June, 2009 |
Author: Ben Wilkie |
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