Sales Taxeslucy grangier
18th June 2021 at 6:54 am
My property is owned by a spanish company, can you tell me the costs associated with taking the property out of the company?
Campbell D Ferguson
18th June 2021 at 11:45 am
Lawyer/accountant will have to advise on that. Tax man is now taxing on assumed income of companies owning properties, even when no rentals occur. Even can tax on assumed rent for the car in the garage.
Also, companies renting property are at greater risk if the tenant decides they want to stay even longer than the lease states. If it’s a person’s or, worse still, a family’s sole residence, they can demand to stay for 5 or even 7 years if owner is a company, with rent increases fixed to cost of living index.
Be aware that the so called ’11-month lease’ doesn’t avoid the legal liability.
It doesn’t apply to holiday rentals, which are for shorter than 3 months.