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.
■ 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.