Overseas Write offs

[Poi]

Hi

Can someone tell me what kind of tax deduction we can make here in NZ if we owned a UK property and flew there once a year to view the property whilst seeing friends and family?

Assuming the flight costs are $2200 per person and we spent 2days of a 2 week trip dealing with the property, ie inspection, minor repairs (if any), property manager etc. what kind of cost write offs would we be looking at?

Cheers
Poi

[roseneath_rat]

Poi you will need specialist advice from a tax accountant familiar with UK tax regs.

[nutty]

I have a couple of properties in other countries and this is how I understand the situation.

Usually you can claim a percentage of the airfares based on the amount of time spent on the property on your holiday. So if you spend 2 days of 14 on the property then you can claim 1/7th of the cost of the airfares.

Car hire, accomodation, food, etc can be claimed at 100% on the days you are doing property things, e.g. visiting the property, contractors, property managers, banks, accountants, solicitors, etc.

Unfortunately you cannot claim any expenses in the pursuit of a new property. If this were the case then every holiday I would be tax deductible.

I am no accountant or tax expert and I must stress that you must seek professional advice on this.