The number of people who own multiple properties has increased by 188% in just three years according to Prestige Group.
There is a growing trend in the overseas property market, and it is believed to be being encouraged by pension schemes, which allow investors to buy UK property portfolios with their pensions, giving them the duel benefits of government contributions to their pension plans and therefore the cost of the property as well as tax free benefits that allow 25% of profits to be taken as a tax free lump sum.
Our view
Many people have rushed off to buy second properties without a thought for talking to people like us.
The Treasury are very happy for you to own second properties because the rental income you receive is subject to income tax and when you sell a second propety, the profits are subject to capital gains tax.
Book a free callback from us about how to 'crack' the property tax question.