The following Owner-Managed Businesses guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
Furnished holiday lets (FHL) have been impacted significantly over the last few months by coronavirus (COVID-19) and the requirement for holiday homes to shut. This guidance note recaps the requirements for a holiday let to be treated as an FHL and reviews the impact of coronavirus on the tax position of an FHL business.
An FHL is defined as a property that meets the three tests of availability, letting and pattern of occupation, as follows:
the property must be available during the relevant period (see below), for commercial letting as holiday accommodation to the general public for 210 days or more
the property must actually be let commercially as holiday accommodation to members of the public, during the relevant period, for 105 days or more (excluding periods of longer-term occupation, being continuous periods of more than 31 days during which the accommodation is in the same occupation other than circumstances that are not normal), and
the property must not be let for periods of longer-term occupation (as defined above) for more than 155 days during the relevant period
ITTOIA 2005, s 325; CTA 2009, s 267
The word ‘normal’ is not given any specific definition in legislation
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
RDEC ― large company R&D reliefSince 1 April 2016, or from 1 April 2013 by election, large company R&D relief is given through research and development expenditure credits (RDEC), which is a taxable credit payable to the company. As the credit is taxable, it is also sometimes called an above the
Tax professionals will often be asked to provide input into the financial statement work undertaken by audit professionals. This guidance note is intended to give an overview of some of the key issues when undertaking audit work.This note is an introduction only and is written on the assumption that
OutlineFor income and capital gains tax purposes, partnerships are regarded as being tax transparent ― ie they are not taxed in their own right but instead taxation is applied to the partners.Accordingly, if the partners are individuals, then much the same considerations apply as for an individual
The substantial shareholding exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. Conversely, if losses are generated by the disposal and the SSE conditions are