Tax Loophole Costing The British Millions Of Pounds In Taxes

Bike Business News Tech

Majority of real estate agents use the internet for their marketing campaigns; however, there are still agents that follow the traditional way of offering properties to potential customers. Occasionally, you will find a real estate agent riding a Suzuki motorcycle to get the job efficiently. They have driven long distances on the motorcycle they got from Suzuki motorcycle dealers to search for possible leads.

In the United Kingdom, there is no ban on foreigners owning UK property and there are no suggestions that foreign companies are doing wrong. Most of the registered foreign ownershipscan be found in residential and commercial properties. However, a major ramification may occur when the foreign owner decides to sell the property.

There a legal loophole which means that foreign companies will not pay corporation tax when they  make money during the sale of a commercial real estate property. UK individuals and companies are required to pay the corporation tax. It is estimated that at least one third of commercial properties all over the UK are owned by offshore companies which are basically tax havens. If the legal loophole is closed, it will generate between £5 billion and £8 billion taxes for the UK every year.

Stella Creasy, Labour and Cooperative MP for Walthamstow, is leading a campaign for the closure of the legal loophole so that foreign companies will pay taxes for the profits generated from the sale of commercial properties in the UK. She says that is unfair for UK businesses to be paying taxes while offshore companies don’t.

The figures are actually big and the tax loophole is costing the British taxpayer billion of pounds in taxes while foreign companies can get away with massive tax-free profits. Most countries tax foreign companies on the profits they make on the sale of commercial properties but the UK government refuses because it is too complicated to introduce.

If you are a real estate agent who wants a more efficient and convenient transport to take you from point A to point B, your best option is Suzuki motorcycle dealers in the UK that offer new and quality used road bikes and demonstrator bikes throughout the year.