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01 July 2014
Property priorities; Associated disposals; Working in concert; Loan effect
Property priorities
Could a furnished holiday let be treated as a simple residential letting?
Our client owns a property on the south coast of England. For many years it has been rented out to tenants as a furnished residential let. Unfortunately it has made significant losses each year and these have been carried forward. As of the year ended 5 April 2011 the accumulated losses were about £60 000.
With effect from April 2011 the property was let as a furnished holiday letting. This appears to have turned things around and the property now makes a profit of between £3 000 and £4 000 a year.
We have the following questions.
- Can the brought forward losses from the previous residential lettings continue to be set off against the profits now arising from holiday lets?
- Alternatively would HMRC...
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