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Property investors who only utilise their overseas home for personal use will be able to take advantage of a nice tax bonus next year, it has been revealed.
Analysis of last months budget by property firm Assetz has shown that individuals who have purchased their home through a company in a bid to avoid local inheritance laws will soon be able to benefit from the scrapping of an annual tax.
"This tax is based on the rental income that would have been achieved if the property was let at the local market rate," explained Assetz.
"This charge is being scrapped from 2008, resulting in thousands of pounds of savings for the average international property owner who bought through a company."
Foreign buyers, who are interested in tax planning will also be able to claim the tax back retrospectively.
"The idea of buying homes overseas through a company will become even more popular following this u-turn," said Martin Sadler, Assetz International sales manager.
Spain continues to be the most popular destination for Brits looking to buy abroad. Starting an overseas property SME? Check out our webservices.
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