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.

British couple win right to reclaim Spanish CGT overpayment

Mr & Mrs Roy paid 35% CGT when they sold their property compared to a 15% CGT rate paid by Spaniards. A court action brought before the EU resulted in the practice being deemed discriminatory which led to a number of legal actions being brought before the courts by non-residents who sold their Spanish properties and were liable to the higher CGT rate.

Bermuda and Ireland Sign Tax Treaty

Finance Minister Brian Lenihan signed an agreement on Tuesday which will enables the cross-sharing of information between both tax authorities in the course of a tax investigation on an Irish tax resident.

"The signing of this agreement represents a new chapter in relations between Ireland and Bermuda," the Irish finance minister said in a statement.

Refund Potential for Overseas Holiday Homeowners…

As there is no black or white definition on what a property is required to do to classified as a FHL each case should be treated on a case-by-case basis. Returns must be submitted and calculations processed before the 31st July deadline is any losses for the 2006/2007 yas year are to be claimed.

Refunds Rain in Spain

Thousands of Irish citizens who have sold properties in Spain
look set to benefit after a Madrid court ruled that an
elderly English couple were unlawfully charged more than
twice the capital gains tax paid by Spanish people when they sold a holiday home there.

After more than a year’s battle, a landmark decision last week has allowed Alan and Margaret Roy, who are in their
sixties, to reclaim the tax they were owed on the sale of the Spanish property in 2004.

Irish Revenue Clamps Down on Holiday Home Owners

The tax authority is also seeking schedules of all lettings of holiday homes. According to Colm Murphy of Property Tax International, a number of investors could find themselves liable for fines and penalties, not just in Ireland, but also overseas.