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Furnished holiday lets

Tuesday 12 July 2011 03:51:55

Furnished holiday lets

Currently, if you rent out accommodation and it qualifies as a UK holiday let you can offset any losses against any other trading profits such as profits from a trade.

These rules are changing as from 6 April 2010 so losses will no longer be able to be offset in this way and capital allowances won’t be able to be claimed on any purchases of furniture and equipment.

Also, some capital gains tax reliefs won’t be able to be claimed on FHL’s disposed off after 5 April 2010.

Posted by Melanie Curtis