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View Full Version : When do you have to pay wealth tax?



jeeringtowser
08-05-2005, 09:17 PM
We completed on our house in October 2002, but then our builder just stopped building any more houses on our site and did not start again until 1 year later! He has still not built the pool and has 4 houses to finish, we only had a road outside our house in April of this year. Until then it was just sand. Should we have been paying wealth tax, even though the place was a building site and most unpleasant to live, concrete dust, concrete mixers outside the lounge window, noise etc. We are still on the builder's electric and water supply.
Thank you for you help
Chris

Expert advisor
08-09-2005, 08:05 AM
The Non Resident Income Tax (or Wealth Tax) is based on the earnings got from properties and the right of ownership of the Tax payer. When a non resident owns a property in other country different to the one where his/her Annual Tax Return is presented, he/she is binding to present the Non Resident Income Tax, as properties are freehold bought when the Title Deeds for the property are signed, as a kind of symbol of the transfer of the ownership, regardless of whether the communal areas of the complex are finished at a later time.