20 July 2006
My client owns a furnished holiday letting property, for which he paid £200,000, plus £10,000 for the furniture and contents. He has claimed the 10% wear and tear allowance. Occasionally, other furniture has been purchased, but he has made no claim for the cost of that furniture.
The client is now selling the property for £300,000 and, depending on negotiations, the furniture may be sold for (a) £8,000 or (b) £12,000.
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