Whether your holiday home is a lifestyle choice or an investment to generate income in the future, you will want to be sure that you are not paying more tax than you need to.
The location of the property, the duration of rental periods and your own place of residence will all affect your tax situation.
Furthermore, keeping up to date with changing rates, allowances and tax laws can be challenging.
If you own a holiday home in the UK or overseas you need to consider:-
- the tax treatment of the rental income received,
- how to get tax relief for loans on the property
- the rules on maintenance expenditure
- the Inheritance Tax position
- the tax position if you decide to sell it
Our specialists are experienced in advising on these issues. They will take your wishes and intentions into account and work with you to create a robust and tax efficient plan to ensure that you pay no more tax than you need to whilst meeting your legal obligations.
For advice and assistance on tax matters in relation to property lettings please contact David Snell or John Holmes
