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28 Jul 2010
Owners of furnished holiday lettings could lose the tax relief available on their properties unless they are made available to let for longer.
Government plans would extend the amount of time that homes need to be let out and available to let for their owner to continue to qualify for currently available relief.
Currently, homes have to be let out for 70 days a year and available to let for at least 140 days to receive entrepreneurial relief on capital gains tax at 10% and rollover relief on the tax. Treasury plans would see the qualifying period raised so that homes have to be let out for 105 days a year and available to let for 210 days, according to the Times.
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minimum let out period of 15 weeks
What about circumstances beyond your control (eg. Foot and mouth outbreak)? Surely being available should be sufficient (and a reasonable rental charge to ensure it is bone fide).
Posted by: chris, 28 Jul 2010 | 00:00
Practically impossible!
As an owner of a UK holiday let this worries me. Does the government live in the same country as I do?
We are usually fully booked through the school summer holidays, at Easter and at Christmas/New Year. But beyond that, bookings are capricious.
If the Gov't can do something about our weather to match the demand, it might help.
PS: we are available 365 days per year, no problem on that score. See www.ffynnondewi.co.uk
Posted by: Duncan, 28 Jul 2010 | 00:00