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Everything you always wanted to know about France |
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Spanish, French and British Triumph Hearing Fernando Alonso singing "We are the Champions" on his victory lap having just won the constructors Formula One Championship for Renault yesterday sounded good to me. Not only because my son helps to build the cars at the Renault F1 complex in the UK, near Oxford, (here is a picture of him last week having his hand shaken by world champion Fernando Alonso http://francevoila.com.f1/ ), but a great symbol of the best of Europe - Spanish flair, French engineering and British craftmanship - here are some earlier photos tony took from the pits at the Monaco Grand Prix http://francevoila.com/monaco/ . ======= Robbery at service stations and parking areas I have stories about incidents at French and Spanish service areas on motorways. Can anyone give me more information - what gas is used? can an alarm be put in (smoke alarm or something? how common is this? I got this mail last week. Tony I would like to draw your attention to the problems we had in Spain with our motor home , we drove through France and spent 2 nights on 24 hour service areas, no problems, we then spent 1 night on a 24 hour service area on the A7 between Barcelona and Valencia , only to wake up feeling very thirsty and robbed of every thing, if this information is of any help to you or your readers , please pass it on , the lesson learnt is don't stop in sevice areas , and make sure you have extra internal security locks fitted, it might save you some problems , apparently this is all to common a problem . Dave ======= Using your pension fund for buying overseas property - problems. I saw this feature in the Observer yesterday which reports some of the problems for people wanting to use their Sipps to buy property abroad from next April === Changes that will allow houses, including overseas homes, to sit inside tax-efficient Self-Invested Pension Plans from next spring may be exciting estate agents, but they are starting to alarm some property analysts. At first sight, the changes to Sipps are attractive. Business intelligence firm Datamonitor says 2 million Britons have second homes overseas, mostly in Spain and France, and many more may be tempted to buy following their holidays this summer. Treasury research suggests that there are now 100,000 Sipps holders, but this could expand rapidly after next year's changes make these plans more appealing. But what are the problems? 1. High-risk locations may be excluded Trustees of Sipp funds must approve the location of a home bought for a plan. Decisions will be based on how similar a tax regime is to the UK's (thus minimising the buyer's international tax burden) and how clear the property purchase process is in terms of title deeds and transparent ownership. - Markets such as Dubai may suffer due to the fact purchasers don't actually own the freehold to a property, suggests Stuart Law of Assetz, a property investment firm. 'Emerging markets such as Bulgaria, Turkey and Croatia are also likely to concern them, since evidence of a strong resale or rentals market will be limited or non-existent. Sipp providers, such as Suffolk Life, say they cannot say which areas will be approved. This makes it very difficult for investors wanting to buy in nine months' time to make plans. 2. Investors may be sold slow-selling stock - There's a risk developers and agents will view the change as an opportunity to offload inferior stock. A potential investor should select a property on its merits and only then look at purchasing through a Sipp,' advises Nick Dare, of Letterstone, a UK investment firm selling properties in emerging markets, particularly eastern Europe. He says: - Due diligence on specific markets and locations will become increasingly important. In Bulgaria, we believe there are still attractive investments, but equally there are a number of locations where we would advise against investing.' 3. Spanish practices will have to end It is thought many Britons let their overseas homes but do not declare the rental income to that country's or the UK's tax authorities. They will not be able to continue with this: Sipp trustees will require evidence of tax declarations and payments. So how many Sipps holders will include overseas homes if that means paying more tax than now? Likewise, Sipp trustees will not permit the practice of 'under-declaring' a purchase price of a home. This is currently a common trick whereby sellers and buyers in many countries agree to declare an official purchase price, which attracts a minimal level of stamp duty. A higher sum is then informally paid by the purchaser, usually in cash. So just what and where are the best overseas homes to buy for Sipps? - France may sneak into the lead since it has a preferable capital gains tax policy,' says Assetz's Law. 'Spain would still apply 15 per cent capital gains tax to the sale of the property if it was purchased within the recommended company structure. - Established holiday locations - Costa del Sol, Costa Blanca and Mallorca - will be strong. That's where you have the greatest chance of a decent rental income,' says Shaun Powell of Lighthouse, an association for so-called ethical estate agents in Spain, who abide by a code of conduct to protect buyers from mis-selling and over-pricing, which are common in Spain's property market. - There's also a trend in investors looking outside holiday destinations as they rely more on rental income and guarantee. As long as the investor is positively geared - achieving higher rental than mortgage repayments - they'll look at urban, tourist or rural locations, suggests Damian Hamp Adams, of estate agency Colliers CRE. Adrian Ware, of Cavendish Ware, an independent financial adviser working with estate agents selling overseas homes, says would-be investors need not wait. - In principle, an individual can agree to exchange off-plan personally now, and then complete through the pension plan post-2005. But few investors have followed this route so far. Most agents report little interest from Sipp-holders, and expect that it will be late autumn before business takes off. Then it will be all systems go - but only if investors make the right choice, in the right location. And tell the authorities the truth. Assetz: 0161 456 4000; Letterstone: 020 7384 7484; Lighthouse: 0845 456 7867; Colliers CRE: 020 7344 6509; Cavendish Ware: 020 7493 6363. Retirement homes A SIPP is a tax-efficient wrapper containing pension assets. Currently these include commercial properties but from April, houses and apartments can be included too. Pension investors will be able to borrow the equivalent of 50 per cent of the valu |