When advising clients we often see the same common misunderstandings. Certain tax 'myths' appear to have grown up which can lead to confusion or missed opportunities.
Some of the more common ones we see in the property tax arena are:
Use an offshore structure to minimise UK tax costs
I wish I had a pound for every time someone has said a variation of 'let's do this through an overseas structure so we don't have to pay UK tax'. If only life was that simple.
Often the offshore route simply creates a more complex and costly way to pay the same tax as if a straightforward UK structure had been used.