Letting furnished holiday accommodation
Bonehill, R.C.
Letting furnished holiday accommodation - 1987 - Law Society`s Gazette 84(35) 30 September 1987, 2753-2754(2) .
Reviews the favourable tax treatment of letting furnished holiday accommodation, where certain conditions are met. Under the Finance Act 1984 sch 11 income from such accommodation is treated as trading and not as investment income, and letting is treated as a trade for the purposes of Capital Gains Tax . In addition all plant and machinery , i.e. fixtures and fittings purchased for use in such accommodation qualifies for an annual capital allowance at the rate of 25% under the Finance Act 1971 s44(1) .
HOLIDAY LETTINGS
INCOME TAX
Letting furnished holiday accommodation - 1987 - Law Society`s Gazette 84(35) 30 September 1987, 2753-2754(2) .
Reviews the favourable tax treatment of letting furnished holiday accommodation, where certain conditions are met. Under the Finance Act 1984 sch 11 income from such accommodation is treated as trading and not as investment income, and letting is treated as a trade for the purposes of Capital Gains Tax . In addition all plant and machinery , i.e. fixtures and fittings purchased for use in such accommodation qualifies for an annual capital allowance at the rate of 25% under the Finance Act 1971 s44(1) .
HOLIDAY LETTINGS
INCOME TAX