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Hi all,
Many moons ago my in-laws emigrated to Thailand on a bit of a whim.
Thailand has some unusual property ownership laws - which meant they had to buy their house out there through a Thai Limited Company (where they own 49% of the company).
Anyway, they had to move back to the UK about 5 years ago and the house in Thailand has been up for sale since then.
They have finally found a buyer - but the sale cannot complete because it hs been discovered that they havent paid their company tax since they left!
Apparently, even though they retired out there and hadnt actually been earning anything - you still need to pay taxes.
Theyve been hot with a bill of about £30,000 in overdue taxes!! That is insane!
Apparently they have to pay it or they won't legally be able to sell ther house!
Just to re-iterate - they were not earning anything amd have been living off pension akd savings the whole time theu y were out there and ever since.
This just doesnt seem right - in fact it seems like robbery! But they trust the solicitors and accountants out there who are telling them they are liable for this tax bill.
Can anyome shed some light on this please?
Sounds mad, have they had a consultation with a different solicitor to get a second opinion?
Ah, the perils of buying a property in a country with different laws and language.
Seems harsh, though, but I'm guessing either somebody didn't explain it to them properly, or there's a bit of "let's take the piss out of the gullible foreigners" going on.
They are using an apprently well regarded international accounting firm - www.hlbi.com
Even so... it still seems insane.
They will be the first ti admit they were naive in their decision to go out there. They went for a holiday andcame back to tell us they hd bought a house off plan!
They will be the first ti admit they were naive in their decision to go out there. They went for a holiday andcame back to tell us they hd bought a house off plan!
Doh! - that'd do it. 🙁