Tax Benefits of Holiday Homes
*Subject to review in the 22nd June budget
- Call to discuss your individual situation
Income Tax
- Expenses can be set against other income including PAYE earnings resulting in a tax refund
- Profits can be set against losses from other property investments such as buy to let
- Substantial tax refunds can be obtained from tax paid up to 3 years ago
Capital Gains Tax
- Capital Gains qualify for the new entrepreneur's relief giving an effective rate of 10%
- Any Capital Gains qualify for rollover relief allowing you to defer payment if you trade up to a better property.
- A married couple could make capital gains of up to £36000 per annum tax free by using annual allowances.
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