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The new rules relating to property owned via a company is a step forward, says RICHARD MANNION, but problems still remain
KEY POINTS
- Individuals buy offshore properties through companies to avoid local taxes rather than UK tax.
- HMRC's attitude to the position of shadow directors of the company.
- Advisers in an invidious position as their clients did not know they should tell them when they bought a property through a company.
- New legislation states no benefit in kind charge applies in some cases.
- Management companies are not covered.
Over the past ten years or so there has been a dramatic increase in the number of UK residents purchasing property overseas for either holiday or retirement use. In November 2006 the Daily Telegraph reported that 800 000 UK residents owned a second home abroad. Many of those people were advised to acquire the offshore property by means of purchasing shares in a company (or similar vehicle) which...
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