Overseas property taxation to spark increase in UK holiday home ownership

HM Revenue & Customs have recently announced that UK tax payers have until the 22nd June to declare and pay tax on offshore assets including holiday homes, posing a tax dilemma for the estimated 800,000 Britons who own a home overseas.

This clamp down has long been expected by overseas home owners and they are now faced with the reality of either paying reduced penalties if their assets are declared or possible prosecution if their assets and income earned are not disclosed to the Government. The Dream Lodge Company anticipates that the demand for UK holiday homes will in fact increase, boosting the popularity of holiday home parks as there are no tax implications in owning a holiday lodge within the UK.

Paul Holloway, Director of The Dream Lodge Group comments, “Owning a second home overseas has become a status symbol with many buying in Spain or France. I’m sure overseas home owners have been monitoring the recent Government announcements on taxation on all offshore assets, and I think that we will start to witness a changing trend on second home ownership. A recent survey found that second homes in the UK have risen by 17% in the last three years putting the number to 240,000- 280,000 in the UK. The green debate has become very topical and we are all trying to do our bit for climate change. The weather has been better than that of Spain during the past few weeks, so who needs a holiday in the Costas when you can travel to Devon or Cornwall and holiday in the West Country in an affordable holiday lodge with everything at your fingertips.”

Holloway continues, “Many people have stereotypical images of holiday parks, but the lodges have been taken to the next level offering luxury living in beautiful English countryside. They have state of the art sound systems, en-suite bathrooms, power showers and hot tubs on the terraces. Our parks are booming in popularity, we have just completed one of our parks located near Bude called Hilton Woods. Our lodge homes are one storey properties with two or three bedrooms and are located on small private developments in rural areas, which are very appealing to those looking for a holiday home in the UK.”

Hilton Woods is located in the heart of North Cornwall, with open countryside and beaches just a few minutes away. Hilton Woods is set in a tranquil, stream bordered valley among 12 acres of ancient woodland. Each lodge is made to the highest standards by leading manufacturer Omar and offers great value for money. They are brought by road to the park where they are put on concrete foundations and linked to the usual utilities. Buyers can choose from a wide range of exteriors including traditional wooden clad to a ‘Cape Cod’ model boasting coloured timber that comes with a manufactures guarantee for 15 years.

Buyers can also have input into the design of the lodges offering bespoke lodges to suit all personal requirements. All lodges boast a master bedroom en-suite, a guest bathroom, fully fitted kitchen with integrated appliances, open plan living and dining areas, decked terraces and parking. The holiday lodges at Hilton Woods are not for permanent residence, they can be let out for certain periods of the year, so an income can be earned when it is not in use by the owner. They are also exempt from council tax, a highly attractive offering to those looking at cutting down their tax liability, especially with the recent announcement concerning overseas property taxation.

Lodge owners don’t have to worry about security at the parks as each park has an onsite manager who monitors the park’s security as well as maintenance. Holloway adds, “Children can spend their days safely in the woods or the play areas knowing there is onsite security, the site manager also takes care of maintaining the communal areas and gardens so that the grounds are always in pristine condition.”

Once at Hilton Woods lodge owners are never too far from the sea with the Golden Beach of Widemouth Bay a short drive away. Those who like a bit of adventure need a good pair of boots and sense of direction to find the stunning sights nearby such as Sandymouth and Dizzard Point. Head in the different direction and lodge owners will discover fabulous golf courses, theme parks, traffic free cycle ways and groundbreaking attractions like Eden, the Tate Gallery or the National Maritime Museum at Falmouth.

Holiday lodges are available from £82,950. For further information, visit dreamlodgecompany.com.