changing 2nd home into holiday let

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laviniateresa
28 Posts
3 Thanks

I've had a "holiday (2nd) home since 2010, and have spent most of that time doing improvements. If I turn it into proper "holiday let", will I enjoy the maximum benefits where IHT and other tax perks are concerned. For example, if I gift it to my only child after a few years, will CGT be applicable (because it was owned for years before it became a holiday let). We have another property split into 4 flats that we've been letting since 1995 (AST), if we did the same thing there, and turned into holiday lets would favourable tax situation preside also. Appreciate any comments, and thankyou.

05/04/2017 10:07

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