Buying property abroad using funds from UK LTD Company?
Discussion
I've picked up a new 24 month contract in New Delhi India and the property market is on a bit of a dip right now however expected to go back up in the next few years. I'm currently out here and looking at some properties that I could easily buy without a mortgage by using existing surplus funds in my UK Ltd Company. Would also be nice to own a pad out here rather than spend two years in a hotel room!
What would be the tax implications if I bought an apartment in New Delhi using company funds from the UK? As I will be working out here it would be exclusively used by me and not rented out (for at least 24 months). I may consider letting it out or Air BNBing it after the two years though.
What would be the tax implications if I bought an apartment in New Delhi using company funds from the UK? As I will be working out here it would be exclusively used by me and not rented out (for at least 24 months). I may consider letting it out or Air BNBing it after the two years though.
If a company owns a property in which a director or employee lives, then there is likely to be a taxable Benefit in Kind charge on the employee (Provision of Accommodation).
This will be dependent on the tax residence status of the individual. If you are going to be outside the UK for 24 continuous months, you MAY be able to lose your UK tax residence for at least one tax year - but that would not be guaranteed.
Thread carefully and get advice.
This will be dependent on the tax residence status of the individual. If you are going to be outside the UK for 24 continuous months, you MAY be able to lose your UK tax residence for at least one tax year - but that would not be guaranteed.
Thread carefully and get advice.
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