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28 September 2006
My client company owns the freehold of a furnished holiday letting property. I am satisfied that the furnished holiday let requirements are (currently) met. The income from the holiday lets just about covers the running costs and some of the finance costs, but I have the following concerns.
My client company owns the freehold of a furnished holiday letting property. I am satisfied that the furnished holiday let requirements are (currently) met. The income from the holiday lets just about covers the running costs and some of the finance costs but I have the following concerns.
- There is another trading company owned by the same client which has profits that fall into the marginal bands. As a result of the second company there is an increase in the amount of corporation tax payable.
- When the client finally decides to sell the property it seems unlikely that a potential purchaser will wish to take on the company and its history. This is particularly likely to be true if the purchaser is buying the property as his home.
- Any gain realised by the company will be taxed at marginal...
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