Publisher's Synopsis
Furnished holiday lets currently benefit from a special tax regime that provides many tax reliefs not enjoyed by other landlords.
Unfortunately, this special tax regime will be abolished in April 2025, as confirmed by Chancellor Rachel Reeves in her October Budget.
Fortunately, owners of furnished holiday lets (including many airbnbs) still have time to mitigate the impact.
This unique guide tells you everything you need to know. Prompt action could save you many thousands of pounds now and in the years to come.
This second edition (published December 2024) includes a great deal of information on issues that were unclear at the time of the original announcement, including valuable extensions to CGT reliefs beyond April 2025.
Subjects covered include:
- Updated guidance based on the latest Government proposals published alongside the October 2024 Budget
- How to make the most of all the income tax benefits of the current regime before it's too late
- How to save up to £140,000 in capital gains tax thanks to Business Asset Disposal Relief
- How to completely avoid CGT by gifting a property to a family member to use as their home
- The benefits and drawbacks of transferring your property business into a company
- How to restore all the benefits of the furnished holiday letting regime by achieving 'trading status'
- Why now may be the ideal time to carry out inheritance tax planning and pass properties to family members
