June 22nd, 2009
European holiday home owners to get tax rebates
The British owners of holiday homes based in other countries in Europe will have a chance to get tax rebates, the same incentive being given to those who have vacation homes in their home country - United Kingdom. This benefit will last until April 5 next year.
Income from holiday homes will have tax rebates thus owners can write off any losses coming from their other income in other properties. With the global financial crisis going on, this piece of good news is a breath of fresh air.
Due to the temporary agreement set in this benefit, everyone is encouraged to take advantage of this opportunity as soon as possible.
The major criterion in order to avail of the tax rebate opportunity is that holiday homes must be offered for commercial use. It should be a holiday accommodation for at least five months within the one year period. This criterion is usually difficult to meet considering the hard times.
As for those who have holiday homes outside U.K, they are responsible in settling the tax set by the country. For those who still need clarifications, they are encourage to write or visit the nearest tax office for details.
