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Legal Terms - Furnished holiday accommodations
Domestic lodging that is commercially rented and available for at least 210 days each year, with at least 105 days of short-term rentals (less than 32 days). (Income Tax (Trading and Other Income) Act 2005, Section 325). When this arithmetic definition is satisfied, the resulting income is recognized as trading income. A limited kind of loss recovery is possible, pension payments can be paid based on the letting income, and the income is considered earned income (Finance Act 2011, sch 14). Furnished holiday accommodations qualify for capital gains tax relief, including rollover and holdover provisions.
Domestic lodging that is commercially rented and available for at least 210 days each year, with at least 105 days of short-term rentals (less than 32 days). (Income Tax (Trading and Other Income) Act 2005, Section 325). When this arithmetic definition is satisfied, the resulting income is recognized as trading income. A limited kind of loss recovery is possible, pension payments can be paid based on the letting income, and the income is considered earned income (Finance Act 2011, sch 14). Furnished holiday accommodations qualify for capital gains tax relief, including rollover and holdover provisions.
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