Foreign Freebies going to waste

As property owners look to reap returns from their UK homes, many are forgetting that they may be owed substantial amounts of cash from their offshore properties.

Those who own furnished holiday lets, both in the UK and within the European Economic Area, could be entitled to claim large sums of money through sizeable capital allowances.

This comes down to the fact that despite the relatively small income that is generated from a furnished holiday let, it is still classified as a commercial property and therefore the owner is still entitled to claim.

Considering the current state of the European property market, this is good news for the majority of furnished holiday letters.

The conditions in Spain, where huge numbers of Brits currently own property, are among the worst and there are currently an estimated 700,000 empty new homes in the country.

The message then to the Brits who have held on to their overseas property through the financial turmoil is to claim back what is rightfully yours, before the opportunity is gone.

By Katie-Jill Rowland

About Portal Tax Claims LLP

Portal Tax Claims is a specialist capital allowance claims company which is part of the Portal Group that works in collaboration with your existing advisers to identify and create retrospective and current capital allowance claims that lead to significant tax refunds

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