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NON-TAXPAYERS BEWARE!

Article Date : Sunday, May 07, 2006       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

So you've got a nice little income going into an offshore account from your holiday home rentals abroad, right? Well, from now on, the taxman can gain information on your rental income and enforce heavy penalties for non payment of tax. Unfortunately overseas property owners can no longer assume they will not be found out. In an announcement last week, Gordon Brown passed a new ruling to avoid an estimated £1.5 billion loss in revenue due to unpaid tax each year, while the money sits apparently hidden in offshore accounts worldwide. Brown reminds us that while having an offshore account is by no means illegal, it is never acceptable to conceal the interest earned. Anyone who has been practicing this otherwise illegal and lucrative non-declaration of tax could be liable for tax at 40% plus penalties of up to 100% on profits made. It is estimated that some 750,000 British property owners with homes overseas could end up with a hefty tax bill. Moroccan buy-to-let opportunities are proving highly lucrative to those investing in holiday properties, while Morocco benefits from a dual tax treaty with the UK. You would be well advised to check which other countries also have dual tax treaties with the UK before making your investment and at least avoid being clobbered for tax in both countries…
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