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Article: Tax relief warning to farm holiday providers ; With holidays in the UK this year likely to be more popular due to the weakness of sterling, holiday cottages remain an important source of income for a number of farmers and landowners.
- Article from:
- Western Morning News, The Plymouth (UK)
- Article date:
- April 1, 2009
CopyrightCopyright 2009 Western Morning News, The Plymouth (UK). Provided by ProQuest LLC. (Hide copyright information)
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With holidays in the UK this year likely to be more popular due
to the weakness of sterling, holiday cottages remain an important
source of income for a number of farmers and landowners.
But the Inland Revenue has indicated that they are reconsidering
their historical approach to whether Business Property Relief will
be available for holiday cottages in the event of death or transfer
of the asset.
Historically, furnished holiday accommodation has normally been
considered a business, when the period of each letting was short
term. But, warns Paul Cressy, of Savills' Bodmin office, HM Revenue
and Customs is now scrutinising closely the level and type of
service provided by the owner of the ...