Narrow Boat holiday let - capital allowances

Narrow Boat holiday let - capital allowances

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I have a client that has set up a limited company to operate a narrow boat holiday let business.

Does anyone know if there is any specific HMRC guidance on narrow boat for capital allowance purposes - this is both for the initial purchase of the boat and also for the repairs to get the boat up to lettings standard? 

As boats are classed as a wasting chattel then no CGT will be due on disposal (unless capital allowances are claimed)?

Any guidance would be appreciated.

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By grahambonds
20th Sep 2016 10:22

Have a read of the Yard Arm Club case.

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Replying to grahambonds:
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By Claire Louise Goldstone
20th Sep 2016 10:42

Thanks for your help - looks like the initial purchase won't qualify

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Replying to Claire Louise Goldstone:
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By Claire Louise Goldstone
20th Sep 2016 10:48

http://www.bagri.co.uk/helpsheets/personal_tax/holiday_homes.htm

Although this website suggests AIA would apply! What are your thoughts please?

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Replying to Claire Louise Goldstone:
paddle steamer
By DJKL
20th Sep 2016 11:29

I liked this quote from the website you linked,

"Please note, this is a fairly aggressive form of tax planning and HMRC may try to offer some resistance. "

Also note it is out of date re required days to qualify as FHL suggesting it was written a while ago.

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Replying to DJKL:
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By Claire Louise Goldstone
20th Sep 2016 11:43

Oh yes...there's not a lot of guidance out there so was just so surprised when I found this!!

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By pacta
20th Sep 2016 13:08

In which, with which

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