Net tightens on Inheritance Tax relief for Furnished Holiday Lets
HMRC have recently won a tribunal decision that confirms that inheritance tax relief will only be available on furnished holiday lets (FHL) in exceptional circumstances. Simon Dixon Smith of Land Partners comments ‘the newly released case of Green v HMRC confirms that the majority of holiday lettings businesses will not attract inheritance tax relief. This will be costly to the families of holiday cottage owners’. It is estimated that there are over 75,000 units of FHL in the UK. Many of these will have been purchased for the primary benefit of the owners with holiday lets offered as a way...
Read MoreThe Deregulation Act 2015
On 26 March 2015 the Deregulation Act 2015 received Royal Assent and brings important legislative changes in deposit protection and Section 21 notices. The changes made attempt to clarify the issues created by the court cases of Superstrike vs Rodrigues and Charalambous vs Ng. Tenancy Deposit Protection and Section 21 Notice – What the changes mean- Summary If you have taken a deposit on any Assured Shorthold Tenancy (AST) before April 2007 and it is not protected then the deposit must be protected and Prescribed Information (PI) served, otherwise you will not be able to issue a...
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