DOES YOUR PROPERTY STILL QUALIFY?

The main changes:

FHL’s must be available for letting for 210 days and actually let for 105 days from April 2011. If you lose FHL status theN the property will be treated as a rental property which has several tax implications.

From April 2011 losses from FHL’s can no longer be offset against other income (losses are carried forward against future FHL profits).

Foreign properties are now in this scheme.

Other Considerations:

■ If FHL’s are part of an integrated farm business unit, Business Property Relief should still be available.

Entrepreneurs Relief is available on FHL’s.