UK inheritance tax (IHT) is a worrying matter for more and more Britons as they fall liable to this damaging tax. You don’t have to be a UK resident to be a victim. Expatriates living in Portugal may also be subject to IHT, although many may not realise this.
Ways of keeping your habitation licence
This spring, for the third consecutive year, inspectors from Autoridade de Segurança Alimentar e Económica (ASAE) have fined agents and owners for holiday let related activities.
CONTRACT FOR SERVICES RENDERED ref.nº 000-REN between:
First party: Property owner
Second PARTY: Rental algarve – Ricola Algarvia Med. Imob. Unipessoal Ldª
Subject: The administration and management of a property
Two sets of legislation co-exist to regulate different types of rental activity.
On the one hand, holiday lets in Empreendimentos turísticos (tourist developments) such as hotels, holiday complexes and camping facilities are defined and regulated under Decree Law nº 167/97. This has been altered and republished under Decree Law nº55/2002, which decentralises many responsibilities from the central tourism bureau (Direcção Geral de Turismo) to local town councils (câmaras).
UNTIL RECENTLY, you could bank on banking secrecy. You knew that if you opened an offshore account in the Channel Islands or Isle of Man, no one could find out about it unless you authorised it. Financial confidentiality was alive and well. Over just a few short years the situation has, however, changed dramatically.
THE UK Revenue and Customs announced an unprecedented amnesty for hundreds of thousands of British tax residents with assets offshore, including holiday homes, property companies and bank accounts, in an attempt to recover billions of pounds in unpaid tax.
THE UK Revenue and Customs announced an unprecedented amnesty for hundreds of thousands of British tax residents with assets offshore, including holiday homes, property companies and bank accounts, in an attempt to recover billions of pounds in unpaid tax.
Government inspections launched a mega operation last week targeting holiday villas and rental accommodation across the Algarve. A total of 147 fines were issued for various infractions, but primarily to property owners not holding the requisite rental licence.
