As the McBroons shed their crocodile tears over being found out on dodgy expenses and go on the telly waving repayment cheques to reconnect with the voters - so they are not X-outed at the next election - it’s clear that the head of the bandit clan himself is to blame for the fiasco.
McBroon was in charge of the economy for ten years and so-called in charge of the country for two years and the unspeakable Mick Martin was in charge of the House of Commons for this current Parliament allowing the buying spree of MPs. Brit taxpayers are suffering from the antics of this useless pair.
Another catalogue of fiscal failures to heap upon the many that have blighted Britain and surely to be followed by McBroon failure at future elections, starting with the European and local elections next month.
Unlike McBroon, who has failed to say “Sorry” for his ministerial failures, his equivalent, Spanish Prime Minister Jose Luis Rodriguez Zapatero admitted that his government had erred in managing the country’s deepening recession. “It is obvious that the government made mistakes in its forecasts,” the socialist premier said during the annual parliamentary debate on the state of the nation.
Wow, words we have yet to hear on these shores?
But then Snr Zapatero, revealed, among a list of new economic stimuli, the removal of tax breaks on mortgages as a way of future control of the housing market, but effectively a great incentive for folks to rush out and buy now - before the threat becomes real in 2011.
Like McBroon, the Spaniard faces the electorate on 07 June with the EU elections and, as in the UK, serious consequences are likely. His other incentives included tax cuts to small and medium-size companies which maintained or increased employment, incentives to car purchases, measures to stimulate the property market, and cutting government spending by a billion euros.
Those measures can be helpful to over-50s British buyers of property in Spain, using the Libertad tax break and co-ownership deals on offer from leading specialists in the market and Spanish banks.
Showing posts with label EU property taxes. Show all posts
Showing posts with label EU property taxes. Show all posts
13 May 2009
22 July 2008
Property tax tug of war between nations
Maybe the Irish knew something about the EU the rest of Europe didn’t, when they gave it a great big “No” in their latest referendum.
They knew their country had spent billions of EU-provided Euros to fuel the so-called Celtic boom and that many Irish families and investors sent some of their new-found wealth back into “Europe” in the form of investments in property, mainly in Spain as you might expect.
Now, post referendum, they have discovered their funds didn’t go into Europe after all, as their own tax authorities are saying it went “offshore” and demanding tax on any profits made there.
“Offshore” suggests fat cats squirrelling away untold millions into exotic Caribbean islands, rather than making a few hundred quid from renting out a property to ease the mortgage payments bloated by EU monetary policy.
Most buyers are probably not aware of their tax obligations in the country where they bought their apartments or villas. But the Irish tax offices has sent letters to those suspected of owning assets abroad, which tells them that under EU legislation, they have been identified as being in receipt of income from an offshore bank account or accounts, informing them that while this is not illegal, the holders must pay tax on any interest earned on the account.
The noose is also tightening for these non tax compliant owners of “offshore” property because advances in computer software have made it a lot easier for tax officials across Europe to share information.
In Spain, for example, new software was implemented some months ago, which alerts the tax office when there has been a change in the notary deeds of a property following a sale.
“Offshore” bank accounts were probably opened in connection with the purchase and running costs of a property abroad, so the Irish Revenue demands the date the property was purchased; whether it is being rented; the total costs involved; and the source of finance for the purchase.
Gotcha! Their Spanish amigos can click-send their data to confirm or reveal information. Gotcha and Pillado!
Meanwhile, the Hacienda, Spanish tax office, has moved to safeguard it’s tax “losses” to Eire and other European countries whose citizens have fuelled the Spanish property boom and the nation’s economy. Ungratefully, they are enforcing letting licences and fining home owners that don’t have them. Pillado!
Strange that these tax wars between nations have only kicked-off as the property boom across Europe ends. More buyers will be tax compliant for the small profits they may make during the property downturn, but when the boom cycle comes round again, the next generation of buyers will be into Latin America.
Then there will be no property tax bonanza for Europe as banana republics have little time for such niceties. Those places really are “offshore”. Gotcha cha, cha, cha…
They knew their country had spent billions of EU-provided Euros to fuel the so-called Celtic boom and that many Irish families and investors sent some of their new-found wealth back into “Europe” in the form of investments in property, mainly in Spain as you might expect.
Now, post referendum, they have discovered their funds didn’t go into Europe after all, as their own tax authorities are saying it went “offshore” and demanding tax on any profits made there.
“Offshore” suggests fat cats squirrelling away untold millions into exotic Caribbean islands, rather than making a few hundred quid from renting out a property to ease the mortgage payments bloated by EU monetary policy.
Most buyers are probably not aware of their tax obligations in the country where they bought their apartments or villas. But the Irish tax offices has sent letters to those suspected of owning assets abroad, which tells them that under EU legislation, they have been identified as being in receipt of income from an offshore bank account or accounts, informing them that while this is not illegal, the holders must pay tax on any interest earned on the account.
The noose is also tightening for these non tax compliant owners of “offshore” property because advances in computer software have made it a lot easier for tax officials across Europe to share information.
In Spain, for example, new software was implemented some months ago, which alerts the tax office when there has been a change in the notary deeds of a property following a sale.
“Offshore” bank accounts were probably opened in connection with the purchase and running costs of a property abroad, so the Irish Revenue demands the date the property was purchased; whether it is being rented; the total costs involved; and the source of finance for the purchase.
Gotcha! Their Spanish amigos can click-send their data to confirm or reveal information. Gotcha and Pillado!
Meanwhile, the Hacienda, Spanish tax office, has moved to safeguard it’s tax “losses” to Eire and other European countries whose citizens have fuelled the Spanish property boom and the nation’s economy. Ungratefully, they are enforcing letting licences and fining home owners that don’t have them. Pillado!
Strange that these tax wars between nations have only kicked-off as the property boom across Europe ends. More buyers will be tax compliant for the small profits they may make during the property downturn, but when the boom cycle comes round again, the next generation of buyers will be into Latin America.
Then there will be no property tax bonanza for Europe as banana republics have little time for such niceties. Those places really are “offshore”. Gotcha cha, cha, cha…
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