Gordon Brown’s 11th (and probably final) Budget was yet another bumper bundle. We take a look at some beneficial aspects, both home and abroad.
There was some good news for many people who own a holiday home abroad.
In recent years there has been a dramatic increase in the number of UK residents purchasing property overseas for either holiday or retirement use. Many people have acquired the offshore property by purchasing shares in a company that, in turn, owned the property. The main reason for this arrangement was to avoid the impact of ‘enforced heirship’ succession laws in those countries or else to minimise local taxes.
For example, in France the succession laws state that children are automatically entitled to a share of any property left on death. In the US purchasers are recommended to use a Limited Liability Corporation to protect against claims from visitors to the property who may hurt themselves and subsequently sue for damages. One of the latest boom areas for
