Letting furnished holiday accommodation
Language: English Series: Law Society`s Gazette ; 84(35) 30 September 1987, 2753-2754(2)Publication details: 1987Subject(s): Summary: 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) .| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Journal article | London Journal article | ABS38356 (Browse shelf(Opens below)) | 1 | Available | 10077-1001 |
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) .