Rental property becoming FHL for CGT relief

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If a property that has been let out for long term lets, is then used as a Furnished Holiday Let, is there a length of time it needs to qualify as a FHL in order to benefit from the CGT reliefs? Or is it the case that once it qualifies as a FHL, it's history doesn't matter and it can be treated as a business asset for CGT? I'm aware the individual CGT reliefs have their own time restrictions to be eligible.

What I'm wondering is, can someone turn their normal rental property into a FHL for a time in order to be classed as a business asset for CGT?

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By Tax Dragon
28th Jun 2021 15:22

Treat yourself to a read of s241 TCGA.

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