Revenue Closes In On Overseas Property Owners

A large number of Irish investors have now received letters asking for proof that foreign rental income has been declared both with Revenue as well as the relevant overseas tax authority.

Colm Murphy of Property Tax International (PTI), which specialises in overseas taxation issues, says his company has recorded a dramatic increase in the number of calls received regarding these letters and concerning tax payments on overseas property related income.

Tax Effecient - Overseas Property

No longer are the regular luxury feaures of infinity pools, stunning façades and rolling acres enough to lure a potential buyer. 'Tax' and what impact it will have on their investment is becomingly increasingly important as a deciding factor on their whether the sale is complete.

International Property Owners Offered New Tax Accounting Service

UK tax residents have an obligation to declare foreign earned rental income in both the country where the income was recieved and within their annual domestic tax return with HMRC.

Property Tax Interantional are offering a complete income filing tax service aimed specifically at the overseas property owner.

Conti and Property Tax Interntional Team Up

Overseas mortgage specialist said its partnership with PTI was of particular interest to clients who generate an income from a rental property they own abroad and have an obligation to declare it.

As part of this affiliation Conti clients can obtain a discount on Property Tax International's tax filing fees.

Crackdown on Parisian Short-Term Let Accommodation

Mon Dieu! The pied-àterre in Paris, long favoured by Irish property owners, is under siege. The city authorities have declared war on those who use their Seine-side pads for just a few weeks a year and let them out for the rest of the time.

Tax Lowdown - Waterloo Sunrise for a Lucky Few

“Non-residents who dispose of a UK property are not liable for capital gains tax, provided they meet the requirements for Residency as set out by HM Revenue & Customs (HMRC).

Currently there is no definition of residence in the UK Taxes Acts and the guidance that is available is a mix of HMRC’s own internal guidance and case law.

Costas Del Sopranos

Operation Shovel, the dawn raids in Europe and Brazil that resulted in 33 arrests including that of Christy Kinahan, known
As the “Irish godfather”, had unravelled a significant drug-trafficking, gun-running and money-laundering empire concentrated on the Costa del Sol, where Kinahan’s alleged mafia family was based.

The swoop also revealed Kinahan to be a savvy property investor, with assets worth about ¤500m.

Scellier Law

On the 1st of January this year a new incentive was introduced to entice new buyers of the highly popular French Leaseback scheme. The loi Scellier or Scellier Law was adapted to offer a further enticement for those looking to get on the French property ladder.

Letting Your Property - French Income Tax Implications

Furnished & Unfurnished Property

For non-resident individuals, income tax is payable at progressive rates but is usually at a minimum of 20% on income after allowable deductions for expenses incurred in connection with letting or maintaining the property.

Furnished and unfurnished properties are treated differently for tax purposes.

Spain Changes Non-Resident Tax Law

The Court of Justice of the European Union formally requested that Spain amend their income tax rules on how non-Spanish residents were taxed on their Spanish income.

Under the previous tax rules non-residents were at a major disadvantage from their Spanish resident counter-parts as they were taxed on their gross income with no deductions allowed.

Apply for Spanish back tax

Irish residents who sold a Spanish property in 2005 and 2006 could recoup a substantial portion of the profits tax they paid. The deadline is running out for those who sold in 2005 as they need to apply before the ends of this year.

Ernst & Young Entrepreneur of The Award for Taxback.com Founder Terry Clune

Taxback.com founder and owner Terry Clune was last night named the 2009 Ernst & Young Entrepreneur of the Year.