Posted: 20 April 2011
Issue: Vol 167, Issue 4301
Categories: Update, News, Property Income, IT & NIC, Land

Position aligned with income tax for property bought via limited company

Following publication of The Social Security (Contributions) (Amendment No 3) Regulations 2011 (SI 2011/797) that align the National Insurance position with that for income tax, taxpayers can claim a refund of Class 1A National Insurance paid in respect of foreign holiday homes bought through a limited company.

It is already possible to claim a refund of tax: see ITEPA 2003, s 100A and s 100B.

Taxpayers who can show they paid Class 1A National Insurance contributions for any year before 2008/09 on the benefit of living accommodation, which qualifies for exemption in accordance with s 100A and s 100B, should contact HMRC’s Customer Operations PAYE Employer Office, BP4009, Chillingham House, Benton Park View, Longbenton, Newcastle upon Tyne NE98 1ZZ.

Refund applications must be made in writing no later than 6 April 2015.

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