PPR Relief & Lettings Relief on an igloo

PPR Relief & Lettings Relief on an igloo

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Inuit client now living in the Cairngorms

A happy April Fool's Day to all.

Replies (10)

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By Steve Kesby
01st Apr 2014 11:18

Isn't it...

... tangible moveable property that's also a wasting asset?

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Stepurhan
By stepurhan
01st Apr 2014 11:20

Issues

I think if you continue down this path, you may find your assets frozen.

You should qualify for (eskimo) rollover relief though.

Thanks (2)
By Rachael White
01st Apr 2014 14:52

Maybe you should put the question on ice, it's receiving a rather frosty reception. 

 

;-)

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By mwngiol
01st Apr 2014 14:55

Maybe people are just having problems arcticulating their opinion?

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By The Innkeeper
01st Apr 2014 15:26

With global warming

I cannot imagine that the expected life of an igloo would exceed 50 years !!!!!!!!!!!!!!!!!

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By The Innkeeper
01st Apr 2014 15:56

@steve

Cannot see that an igloo is very movable unless it is built on a sledge

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By Steve Kesby
01st Apr 2014 18:08

@ The Innkeeper

I'd thought of that. It's got it's own iceberg grounds of less than half a hectare. Has anbody seen my huskies?

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By halblackburn
01st Apr 2014 18:16

FHL might have been possible.

See http://www.etisurvival.com/snocv.htm

and for an upmarket quinzee with branches as furnishing

http://www.alpharubicon.com/primitive/quinzeetrigger.html

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By The Innkeeper
01st Apr 2014 18:23

@steve
I suppose it could be moveable if it is built on an ice flow of less half a hectare

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The triggle is a distant cousin of the squonk (pictured)
By Triggle
01st Apr 2014 18:34

Thanks ever so much for your valued advice guys.

The problem has, however, now gone away.

The client phoned just before noon to say that it was a warm spring day in the Cairngorms and that his igloo rental business had just been liquidated.

Just imagine the look on his face as the result of his hard earned effort went down the drain.

Literally.

Thanks to The Innkeeper for the heads up with the sledge idea. However, I rang HMRC and they said that putting the igloo on a sledge would technically elevate it to being treated as a touring caravan. Apparently, you can’t claim PPR relief and, thus Lettings Relief, on a touring caravan.

To add insult to injury, when asked if the client could rebuild his igloo business next year, the adviser said that although his rental business would be deemed to be continuing he would not get income tax relief on the re-building costs as they would be capital in nature. If he had just replaced the odd damaged snow brick now and again then that would have been another matter.

This is a big worry as the client has his snow bricks specially imported from a factory in Saudi Arabia and they cost a fortune for some reason I’ve never managed to fathom.

I apologise for writing this post in crayon but they won’t let me near sharp objects where they’re keeping me.

I’ll be alright tomorrow - or so I’ve been told by Nurse Williams..

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