In August 2008 I purchased a house, which I intended to let out. I was unable to do this until September this year. As I have no rental income, how should I claim the expenses incurred prior to me letting out the property?
When you first begin to run a rental business, you are able to claim expenses that you have incurred up to 7 years previous against the rental income. To claim tax relief on the expenses, they would need to be the type of expenditure that would have been allowed if it had occurred after the rental business had started e.g. repairs etc.
Has there been any update on the ‘Furnished Holiday Lettings (FHL)’ rules since you wrote in July, as I own three such properties in Laugharne?
The consultation period has now ended and the new rules are likely to be published at the end of November. However, it has been suggested in the press that they intend to make the following changes to the scheme:
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