20 April 2006
My clients purchased a property in a holiday complex in July 1990 and this was sold in October 2004. On completing the capital gains tax computation relating to the sale, it was discovered that the net rental income received on this asset had been shown on the clients' past income tax returns under 'other property income' whereas it should have been shown under 'income from furnished holiday lettings'. The situation was rectified on the 2004-05 income tax returns and relief allowed for that year and 2003-04.
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