Property Business Profits Flashcards
0
Q
When does long term occupation occur?(1)
A
Continuous period of occupation by one person >30days
1
Q
What are the conditions which must be satisfied in order for the letting of a UK furnished property to qualify as a commercial letting of furnished holiday accommodation(3)
A
Available for Commercial holiday letting 205 days in tax year
Must be let for 105 days in the tax year excluding long term occupation
No more than 155 days long term letting
2
Q
What items are included when calculating wear and tear allowance on property business profits?(4)
A
10% rate applicable on rent receivable
Less:
Impairment losses
Council tax
Business and water rates (if paid by landlord)
