Holiday home owners who have invested in French property, or in other locations across Europe, have until July 31st to claim a tax rebate if they have rented out their property for less than the cost of the mortgage, meaning casual renters may be in the money.
Tax director of chartered accounts firm Langdowns DFK Graeme Lovell tells the Times: ‘The value of this relief can be very significant.
‘If you have a property worth £150,000 and a third of that qualifies for capital allowances, you could make a claim of more than £50,000.’
Furnished holiday lettings relief could apply to UK-based French property owners who may have preferred to rent out their property for only part of the year, rather than as a consistent letting investment, the newspaper reports.
Her Majesty’s Revenue and Customs states that French property rented out as a holiday home is treated in the same way as a trade for loss purposes, resulting in the tax break.
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