FHL & ER

FHL & ER

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I have a client who inherited a cottage in 1970s from parents. This has been used as holiday home.  7 years ago it was furnished let for two years and then as Furnished Holiday Letting for last five years. On disposal, would the whole gain be subject to Enterpreneur Relief @ 10% rate or do I need to time apportion it. I would use the March1982 value as the cost basis.

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By Steve Kesby
10th Feb 2014 13:42

No apportionment

ER applies to the whole gain provided that the business has been carried on for at least a year at the time of disposal.

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