Our website uses cookies to enhance the visitor experience (what's a cookieCookies are small text files that are stored on your computer when you visit a website. They are mainly used as a way of improving the website functionalities or to provide more advanced statistical data.). Are you happy for us to use cookies during your visits?
Please note: continuing without making a choice equates to giving us your consent, which you can withdraw at any time via our cookies policy page.

Claiming Tax Relief on Overseas Property

Newsletter issue - June 09.

In our Budget newsletter we mentioned that UK residents could now make claims for tax reliefs associated with furnished holiday let property situated in other EEA countries. The EEA countries are the 27 EU countries plus Iceland, Liechtenstein and Norway. The tax reliefs that could be claimed include:

  • Setting losses on the let property against other UK income;
  • Capital allowances on equipment used in the property;
  • Capital gains relief on selling the property;
  • Entrepreneurs' relief for disposals made after 5 April 2008;
  • Business asset taper relief for disposals made before 6 April 2008; and
  • Business property relief for inheritance tax.

These tax reliefs could apply for a number of PAST tax years, but to qualify you need to prove all of the following applied for the relevant year:

  • The letting business was carried on commercially with a view to a profit;
  • The property was available to let as furnished short-term holiday accommodation for at least 140 days per year;
  • It was actually let for these short-term periods for at least 70 days per year; and
  • Longer-term lettings, which exceed 31 consecutive days let to the same person, did not take up more than 155 days per year.

If this applies to you we can help you make a claim for tax relief which may be due.

For older years, the deadline for claiming is 31 July 2009. So if you think you might have a claim you need to act quickly.

  • Auto enrolment icon

    Auto Enrolment

    Workplace pensions rules are changing.
    Be prepared for auto enrolment, see how we
    can help and read up on our guidance notes.


  • Cloud accounting icon

    Cloud Accounting

    With our online bookkeeping packages, our support
    services are only a click away.
    Discover cloud accountancy solutions to bring your finances up to date.

  • Pay less tax icon

    Pay Less Tax

    Our experienced tax advisors can help you
    make the most of your options to reduce
    your tax bills.


  • Make more profit icon

    Make More Profit

    From business plans to management accounts,
    our business services will ensure you are in
    control of your business finances.


  • Source finance icon

    Source Finance

    Our experienced partners can guide you
    in getting the finance you need to make
    your business grow. Read our guides or
    contact us for a free consultation.

  • Outsource your payroll icon

    Outsource Your Payroll

    Let us handle payroll compliance for your
    business. We can deal with HMRC on your
    behalf, and take the stress out of RTI.