The tax rules around holiday homes have changed significantly making many formerly available tax deductions unavailable. If considering buying a property to be available for short term hire e.g. a holiday home which is rented out to the public for short periods and you also want to make use of the property – please contact us first for advice!
If buying such a property for tax relief it’s now not nearly as worthwhile for this purpose. This is due to the private use of the property by the owners and associated persons (which is quite far reaching).
If the property is never to be used by the owners or associated persons the new rules are not so applicable but worth contacting us for advice to be sure.