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Capital gains tax entrepreneurs’ relief eligibility on selling two of three furnished holiday lets.
We have three properties that qualify as furnished holiday lets. They consist of two apartments in one town and one 25 miles away in another all trading for a number of years.
We decided to sell the two apartments that are together in one building and a buyer has offered £180 000 for the pair. He will be adding these to his holiday let portfolio and is taking them as a going concern with all fixtures and fittings together with future bookings.
Reading the HMRC website it is not clear to me whether I am selling part of the business or the business assets. Selling part of the business qualifies for entrepreneurs’ relief but selling business assets does not.
Which is right?
Query 19 167– Owner.
Reply by Charlie Owen
A furnished holiday letting business is deemed to be a trade for capital gains...
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