Owners of holiday rental properties face Capital Gains Tax blow Two news items relating to the Alojamento Local (AL) registration system for those property owners involved in short-term lettings to tourists further have reduced the chances of anyone registering without being forced to.
Owners who have their AL licence and who later remove their property from the scheme, for whatever reason, then are liable to pay capital gains tax, whether they are selling their property or not.
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CGT: Older Properties and Unauthorised Improvements Many property owners who acquired their homes in Portugal in years gone by face a common dilemma: they bought at a time when real estate was dirt cheap. These houses were often primitive and in poor condition, requiring substantial renovations.
In those days, it was common practice to do the work and worry about the formalities later: no building permits, no formal plans, no invoices issued or kept.
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Gapital gains tax This is an article explaining the capital gains tax consequences of selling property that is in an offshore company.
The Situation
Options one and two
Option three and the conclusion
MANY OWNERS of offshore companies, both black and white listed, reach the point where, for any number of reasons, they wish to sell up.
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C.G.T. = Capital Gains Tax = Mais-Valía An issue people in the past never worried about when selling a property was tax, but now it is!! Everyone will agree this is a valid concern. What most people do not know is that it is at the point of purchase that one should be concerned about capital gains.
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