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Changes in taxation of holiday lets

Posted: Wed Feb 3, 2021 11:56am
27 replies922 views7 members subscribed
098fethiye123

Posts: 173

34 helpful points

Location: Los Alcázares

Joined: 15 Feb 2019

I have heard that in future there will be no tax allowance for expenses incurred on running holiday lets and the 19% tax is to be increased to 24%. I would like confirmation of these changes, please. 

RichT

Posted: Wed Feb 3, 2021 2:16pm

RichT

Super helpful member

Posts: 1134

1258 helpful points

Location: Lorca

Joined: 13 Sep 2019

Posted: Wed Feb 3, 2021 2:16pm

I believe so.

Someone recently posted on here a link to quite a good webinar on Brexit impacts, hosted by the 'A Place in the Sun' estate agent website that is available on Youtube and this was mentioned in that.

098fethiye123

Posted: Wed Feb 3, 2021 2:40pm

098fethiye123

Original Poster

Posts: 173

34 helpful points

Location: Los Alcázares

Joined: 15 Feb 2019

Posted: Wed Feb 3, 2021 2:40pm

RichT wrote on Wed Feb 3, 2021 2:16pm:

I believe so.

Someone recently posted on here a link to quite a good webinar on Brexit impacts, hosted by the 'A Place in the Sun' estate agent website that is available on Youtube and this was mentioned in that.

Thanks. At least I know now.

GraSal

Posted: Thu Feb 4, 2021 2:38am

GraSal

Helpful member

Posts: 91

50 helpful points

Joined: 5 Oct 2017

Posted: Thu Feb 4, 2021 2:38am

Yes, any benefits of renting out accommodation are very quickly disappearing:

Official property inspections annually.

Legal licences and registration.

Registered plaques on each property quoting your licence and registration number.

Legal on-line regjstraion of every new occupant with police system 

Official complaints and customer feedback forms in every property 

And if you do not massive fines in court often in excess of 100,000 euro or prison 

A rental income now legally linked to tax evasion 

And so it gets worse!!!

098fethiye123

Posted: Thu Feb 4, 2021 9:06am

098fethiye123

Original Poster

Posts: 173

34 helpful points

Location: Los Alcázares

Joined: 15 Feb 2019

Posted: Thu Feb 4, 2021 9:06am

GraSal wrote on Thu Feb 4, 2021 2:38am:

Yes, any benefits of renting out accommodation are very quickly disappearing:

Official property inspections annually.

Legal licences and registration.

Registered plaques on each property quoting your licence and registration number.

Legal on-line regjstraion of every new occupant with police system 

Official complaints and customer feedback forms in every property 

And if you do not massive fines in court often in excess of 100,000 euro or prison 

A rental income now legally linked to tax evasion 

And so it gets worse!!!

Most of those already apply and have done for a while.

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098fethiye123

Posted: Thu Feb 4, 2021 9:08am

098fethiye123

Original Poster

Posts: 173

34 helpful points

Location: Los Alcázares

Joined: 15 Feb 2019

Posted: Thu Feb 4, 2021 9:08am

098fethiye123 wrote on Wed Feb 3, 2021 2:40pm:

Thanks. At least I know now.

I checked Place in the Sun on tube and found no relevant information on the tax changes for holiday lets. 

crissywissy

Posted: Fri Feb 5, 2021 11:37am

crissywissy

Super helpful member

Posts: 2440

1614 helpful points

Location: Mar Menor

Joined: 26 Sep 2015

Posted: Fri Feb 5, 2021 11:37am

Most of what GraSal said is true and has been required for the last 2 or 3 years. Initial inspection visit though not annual

Non residents from Jan 2021 pay 24% on income with no offset expenses allowed. 

098fethiye123

Posted: Fri Feb 5, 2021 12:15pm

098fethiye123

Original Poster

Posts: 173

34 helpful points

Location: Los Alcázares

Joined: 15 Feb 2019

Posted: Fri Feb 5, 2021 12:15pm

crissywissy wrote on Fri Feb 5, 2021 11:37am:

Most of what GraSal said is true and has been required for the last 2 or 3 years. Initial inspection visit though not annual

Non residents from Jan 2021 pay 24% on income with no offset expenses allowed. 

I have had my apartment for 5 years and it has had 2 inspections.

Condon

Posted: Wed Feb 10, 2021 7:36pm

Posts: 15

4 helpful points

Joined: 26 Dec 2019

Posted: Wed Feb 10, 2021 7:36pm

Where would tax liability lie for a Brit renting out a holiday home in Spain who still works in U.K. and also rents out a property in U.K.? Would accounts and tax be filed and paid in each country now? Rather than Spanish rental income declared and paid on U.K. tax return 

Thinking outside the box as a dual national Irish with Irish bank account. Could rental income  be filed and tax paid in Ireland as EU country? 

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