If this new bill gets passed, and your holiday home earns <2% of it's value, then you cannot claim any expenses against other income. It's ring-fenced and will be claimable against future profits on said asset.
Presumably that also means against the captial gain (when that comes into play).
Note that "expenses" doesn't mean all expenses. It's calc'd as Income Days / Income Days+Personal Use Days. So if I rent for 60 days and use for 20 days, I can claim 75% of p.a. expenses.
Thin end of the wedge.
How long before ring-fencing applies to regular rentals?
Presumably that also means against the captial gain (when that comes into play).
Note that "expenses" doesn't mean all expenses. It's calc'd as Income Days / Income Days+Personal Use Days. So if I rent for 60 days and use for 20 days, I can claim 75% of p.a. expenses.
Thin end of the wedge.
How long before ring-fencing applies to regular rentals?
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