Bulgarian Property

Bulgarian Property

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Our client owns a Bulgarian holiday home. It is part let out and the remainder of the time used by the client and their immediate family for no charge.

As many people will be aware, non-Bulgarian residents may not own land in Bulgaria, therefore the property was purchased by our UK-resident client through a Bulgarian limited company in which they are the only shareholders.

Your comments would be welcome in respect of:
- Bulgarian tax treatment of rental income received and reliefs available? I assume there is a DTT to reduce any UK tax payable?
- private use of home, given its corporate ownership - is there a BIK problem created in UK for provision of living accommodation?
- CGT position in Bulgaria when property is sold and reliefs available?
- IHT treatment in Bulgaria?

any other comments welcome.
S Hall

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