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Although it’s a bit easier now than it used to be, what complicates matters is the number of laws that dictate what you can and can’t do. And change is frequent – it seems as though every budget brings a change to tax laws. That can add even more complication for you.
You may not have come across them before, but there are a number of property tax laws that apply to you and any investments you make into property. They tend to affect income from rental properties, plus any profits you make from selling houses you own.
Use this simple guide to wade through property tax and understand how it could affect you.
First off, the good news. If you’re selling a property that is your main home, you won’t pay tax on it, as long as you satisfy certain conditions.
There’s nothing in the conditions to scare you. You have to have bought the property and spent money on it primarily for use as your home rather than with a view to making a profit. The house also needs to have been your only home during the time you owned it, and you have used it as a place for your family and no more than one lodger to live.
There’s also a condition that won’t expose you to property tax unless you have a huge amount of land. The garden and area of grounds sold with the house can’t exceed 5,000 square metres, which is about one and a quarter acres. This includes the site of the actual house itself.
The law continues to say that if you are married or in a civil partnership and not separated, you and your spouse or civil partner can only have one home between you. And there is some good news – even if you don’t meet all of these conditions, there is still a chance you will be entitled to property tax relief on your property. It’s something you should talk to an accountant about.
So what if you have a second home – will you be liable for property tax on that? It’s not such an unusual question these days. Buy to lets are becoming a more and more popular investment, and any tax laws that affect the profit you make from a sale will affect your future lifestyle (especially if you are investing in property for your retirement).
For property that’s not your main home, you will normally be charged capital gains tax if you make a profit when you sell the house (and by a profit, the Inland Revenue means you make more money than you paid for it in the first place).
In the current tax year (2007-2008), you are allowed the first £9,200 of your total taxable gains to be tax free. And there are a couple of other conditions to help reduce your tax bill.
First off, when working out your profit, remember you can deduct some of the costs of buying, selling and improving the property.
If you are unlucky and make a loss, you may be able to set that off against other profits you make. This is handy way to reduce your liability to property tax if you are a property developer who buys and sells houses regularly, and gets one wrong!
Finally, if you are living together you can transfer property to your husband, wife or civil partner without having to pay any capital gains tax. Unfortunately you can’t give it or sell it cheaply to your children or anyone else; this will potentially make you liable to be charged tax.
Remember to get professional advice from a qualified person before taking any action. Don’t rely purely on information contained in this article.
For further information regarding property please visit our website.
Property Today helps you at every stage of the home buying process. From casually browsing house prices, to finding your dream home and even appointing an estate agent, solicitor and financial adviser.
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If you’re looking for an overseas property for sale, Thailand is a country to seriously consider. There is more to Thailand than a paradise location for backpackers. Many overseas visitors are choosing to retire in Thailand and other visitors are staying for part of the year to enjoy what Thailand has to offer.
Property Investments
Imagine coming home to a luxury villa on a large plot of land, built to blend in with the existing coconut trees, flora, fauna and rock formations, which maximises the feeling of privacy and space. This is just one of the property options Thailand offers.
Another type of property for sale Thailand can offer is golfing property – property in and located around a golf course facility or club. A golfing property can mean open space and pleasing views, gated security, facilities which could include hotels, spa’s, sports facilities, supermarkets, entertainment, restaurants, swimming pools. All of this has huge rental potential, and sometimes this is ‘guaranteed.’
Thailand currently has much to offer investors in terms of off-plan villas, townhouses or apartments. Almost all the off-plan property for sale in Thailand is located in the major investment hot-spots. Property prices remain good value for money and the property market has recovered from the downturn in the late 90’s. The recovery was helped, for example, with low interest rates, strong domestic consumption, and tax measures to stimulate the property markets.
Most property is purchased directly from a developer or via an agent. A solicitor will represent you in the property purchase and complete all the legal requirements of the sale. Solicitors carry out the usual range of checks: that the vendors have the correct title and are able to transfer it to you; search for any charges and liabilities that are attached to the property; advise you on all of your obligations; assist with the transfer of your funds.
Tourism
Thailand’s major Unique Selling Point (USP) is tourism and the government promotes Thailand on a global scale. The Tourism Authority of Thailand (TAT) predicts continued growth for 2008, with an estimated total of 14.8 million tourists, generating Baht 547 billion in the process.
Thailand offers visitors many benefits including beautiful beaches, tasty food, friendly people and excellent health care. Phuket is the main tourist destination which lies at the bottom of mainland Thailand. Thailand is also a divers’ paradise with the marine national park of Koh Similan renowned as a world class diving site. Due to its popularity as a tourist destination, Thailand is one of the cheapest places to fly to in Asia, with direct flights readily available to Bangkok from many international airports. There is an excellent rail service covering the majority of the country, the trains are comfortable and cheap, and timetables are in English.
Geography
Thailand is predominantly a Buddhist kingdom and is located in Southeast Asia surrounded by Myanmar to the north and west, Laos to the northeast, Cambodia and the Gulf of Thailand to the southeast and Malaysia and Myanmar to the south.
The largest city in Thailand is Bangkok, with about 6 million people. As well as being the largest city and the main seaport, Bangkok is the Capital of Thailand. The climate is sub-tropical with long hours of sunshine and high humidity. The temperature is hot from March to June, rainy from July to October, and cool from November to February.
Conclusion
Thailand has recently seen economic growth and investors now view Thailand as a very promising destination. There are different types of property for sale Thailand has to offer the investor, with price ranges to suit all pockets.
Kelly Peck wrote the article ‘Overseas Property for Sale Thailand can Offer’ and recommends you visit http://www.homesoverseas.co.uk/property-for-sale-in-thailand/1222 for more information on property for sale Thailand.
Article Source: http://www.ArticleBiz.com
