Furnished holiday lettings Flashcards
1
Q
Where are capital allowances available on?
A
Furniture
2
Q
How does income qualify?
A
As earnings for pension relief
3
Q
What relief is also available for lettings?
A
Capital gains tax rollover relief
Gift relief
Business asset disposal relief
4
Q
How is profit or loss computed?
A
On a cash basis
5
Q
What also happens with losses?
A
c/f against future profits from furnished holiday lettings
6
Q
How long must the accommodation must be available to let?
A
At least 210 days in a tax year
7
Q
How long must the accommodation must be let for?
A
At least 105 days in a tax year
8
Q
How long must the property not be occupied for?
A
For more than 31 days
9
Q
What if one or people occupy the property for more than 31 days?
A
Long lettings must not exceed 155 days in a year
