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Can entrepreneurs’ relief be claimed on the transfer of a furnished holiday let?
My client has a property that has been used for letting for many years. For the past few years rather than residential tenancies as before the house has been let as holiday accommodation. It has fallen within the furnished holiday letting parameters and the income has been declared as such.
Recently it has become difficult to satisfy the rules and it seems that the property will either continue to be used for holiday letting although outside the tax rules or will revert to residential lets.
The potential problem is that the property is now standing at a large gain over its original cost and I am wondering whether it is possible to take advantage of entrepreneurs’ relief.
Could this be done by transferring or selling the property to either my client’s husband or their daughter (or both) so that any future sale benefits from an...
