From: "Doug Ramage" 
Newsgroups: uk.finance
Subject: Re: Portuguese property
Date: Fri, 13 May 2005 20:33:18 +0100


"canard"  wrote in message 
news:4284fe71$0$39072$ed2e19e4@ptn-nntp-reader04.plus.net...
>
> "Doug Ramage"  wrote in message
> news:tNSdnQ1WzJGVZBnfRVnyuw@brightview.com...
> |
> | "tim (moved to sweden)"  wrote in message
> | news:3ek4jvF3hm99U1@individual.net...
> | >
> | > "canard"  wrote in message
> | > news:4284ab0d$0$538$ed2619ec@ptn-nntp-reader03.plus.net...
> | >> I'm considering buying a property in Portugal. If the seller is an
> | >> offshore
> | >> company (some are dumping properties as a result of recent changes in
> the
> | >> Portuguese tax regime):
> | >>
> | >>
> ttp://www.hamptons-portugal.com/portuguese-residential-property-tax.html
> | >>  -
> | >
> | > There's also a change in the UK tax regime.
> | > If you intend using it as a personal holiday home the IR consider
> | > that there is a BIK to you from the company that owns the property
> | > and you will receive a bill for tax on the rental that you haven't
> | > paid.
> | >
> | > If you want to use it solely to rent out or to live in full time
> | > then this isn't a problem.
> | >
> | > tim
> | >
> | >
> |
> | I don't think it's a regime change. A lot (most?) people did not realise
> | that the company device to avoid (usually) the Inheritance legislation 
> of
> | France, Portugal etc had any UK BIK tax ramifications.
> | -- 
> | Doug Ramage
> |
> | [Watch Spam Trap]
> |
>
>
>
> I'm not intending to rent it out - just use it as a holiday home. Does 
> this
> mean I would be better to *avoid* a property being sold by an offshore co
> then?
>
> --
> Thanks
> canard
> --
>

Unfortunately, I don't know enough about Portuguese law to say which is the 
best option for property acquisition.

I would certainly recommend seeking professional advice before committing 
yourself.
-- 
Doug Ramage

[Watch Spam Trap]