From April 2011
Loss relief will be restricted. From April 2011 property owners will not be able to transfer losses against other income sources. Losses will only be available to carry forward and set off against profits from the same property letting source.
From April 2012
- To qualify for FHL status, property must be available for letting for 210 days (previously 140 days), and actually let for 105 days (previously 70 days).
- The present treatment of capital allowances and capital gains tax is to remain unchanged.
- To reduce uncertainty, property businesses that meet the revised occupancy rules in one year may elect to be treated as if they met the rules in the following two years as long as certain criteria are met.
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