Huge tax breaks for property owners in France (and the EEA)
We would like to share some good news with you – if you are a British resident and own a property in France (or in the EEA) or are thinking of buying one, and if it qualifies for Furnished Holiday Lettings status (rented out for a minimum of 70 days a year on holiday lets or a French Leaseback) – there is a tax break that you may not know about.
This tax break helps to claim back substantial Capital Allowances – letting you save on a huge amount of tax.
You could also save a lot of money but to take full advantage you need to act quickly as there is a deadline of the 5th April 2011.
To give you an idea of the potential tax saving: if you bought a property for 500,000 euros and you are a higher rate UK tax payer the tax saving is in the region of UK £35,000.
Approximately UK£15,000 can be repaid by the UK tax authorities from tax previously paid with the balance coming from savings tax that would otherwise be paid in the future.
Even though many of us might have bought our apartments a while back, we can still claim these Capital Allowances for the last few tax years as well as the current and future tax years.
This is something that you need to move fast on, as many of the benefits are reduced from April 2011 and in some cases, the savings will be even higher if you submit your claim by the end of this month.
If you think this could apply to you, please contact Quintin Bull.
His email address is q@quintinbull.com
Telephone number +44 7796 695750
Finally, if you buy another property before the end of this current tax year and already have a Furnished Holiday Letting or a Leaseback, you can also obtain this same amount of UK tax refund against your income tax being paid on your total earnings in the current tax year ending 5th April 2011.
So we thought we would make a couple of suggestions of potential properties you could buy that the tax break will massively facilitate.
Here are some suggestions of examples that qualify for this scheme:
For more information and news about buying a property in France, visit the Sextant website at www.sextantproperties.com
Tags: French leaseback for sale, French tax breaks, leaseback on the cote d'azur, new build in provence, new build in the Alps
This entry was posted
on
Tuesday, January 25th, 2011 at
11:36 am and is filed under
French leaseback, French New build, French Property, Leaseback Cote d Azur, Leaseback French Alps .
You can follow any responses to this entry through the
RSS 2.0 feed.
You can leave a response, or trackback from your own site.
Leave a Reply
