buying foreign property through UK company

[silvercar]

I am thinking of buying a foreign property through my UK limited company.

The plan is for the property to be rented out as a holiday let. The property I have in mind is being built and would be ready for renting out Summer 2011; though if this property falls through I may buy an already built one.

My idea in holding it in my trading limited company is that I would save the tax that would otherwise be paid if I withdrew dividends and bought the property out of taxed income. (I am already a higher rate tax payer). I realise I would have to pay a market rent to the company when I wished to stay in the property.

Are there any pitfalls to be aware of?