Saturday 10th October 2015
Excerpt from 'How your Holiday Home could land you in prison', by Robin Ash
The Times article refers to recent moves by the government to criminalise non-declaration of overseas income in 2016. Within the article Louise Reynolds of Property Venture® is quoted.
'It's scary - people might end up with a criminal record...Louise Reynolds who owns a rental property in Krakow, Poland and runs Property Venture®, an agency helping investors, is on top of her taxes and so isn't concerned about the changes affecting her. But she does worry about those who have not heard about them.
'It's scary', she says, 'particularly if people are uncertain or unsure, and I'm sure there are a lot who are. A lot of couples buy jointly and not everybody is au fait about tax affairs, many people don't have that much interest.'
'It would be easy to make a mistake if you're not clear about who is getting the income generated from a holiday home on the tax return - it could easily fall between two stools. The changes could trip a lot of people up without them suspecting or knowing.'
This is made more likely by a general lack of publicity about the changes, Reynolds believes. 'I like to keep up to speed and regularly read property updates, but I've seen nothing about this,' she says. 'Many landlords aren't even aware of buy-to-let tax relief being reduced. Some people won't be aware of their tax liabilities at all, especially if they bought a holiday home for personal use and then decided to rent it out to cover costs. Many could be caught out unwittingly. They might end up with a criminal record for not being better informed.'
If you subscribe to The Times this is the full article
Property Venture® is an award-winning, UK-based agency for overseas property who helps people buy investment property and holiday homes in Europe, more easily and safely than they can on their own, because we offer grounded common-sense advice.
The focus is mainly greater Europe: Poland property, UK investments, Spain property, Turkey property, Cyprus property
On the Advisory Board and a Member of the Association of International Property Professionals (AIPP) the business has been vetted, approved and voluntarily commits to Industry Regulation and the Professional Code of Conduct. We are known for our quality customer service and non-pressurised approach to sales. Take a look at what our clients say
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