What about if you own a second home? And what's happening in the construction industry?
Properties owned within the European Economic Area can now qualify for the same tax regime as applied to furnished lets within the UK. From 6th April 2010 the Furnished Holiday Lettings rules are to be scrapped.
Furnished holiday lets are treated, from a tax perspective, very differently to any other form of letting. For example, in certain circumstances you can reduce the amount of Capital Gains Tax you pay versus other second property ownership.
From next year, you can take advantage of these tax breaks both in the UK and Europe, however from 2010 they will all be scrapped.
Our advice? Property tax is incredibly complicated and you need specialist advice from an expert. They can cost £200 per hour, but can save you thousands. If you need help contact www.designsonproperty.co.uk.
Support for the Construction Industry to Boost Supply of Affordable and Green Housing has also been announced.
So what's on offer? There's £500 million to help continue housing projects that have stalled and deliver new homes, plus £100 million to build energy efficient housing by local authorities, and
£50m to upgrade military accommodation.
We all know that while the buying/selling property market is in the doldrums, developers have been severely affected, with many laying off at least 50% of their workforce in the last 12 months.
However the situation is worse than this. While developers are not building homes to sell in the private sector, they are also not building the required number of affordable homes on developments. Although negociable, developers are often tasked to build 10 to 15% affordable homes for the social housing sector on their sites. While building of new properties has dropped from over 200,000 to an estimated 70-80,000 this year, that’s a potential loss of around 20,000 affordable homes this year alone.
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As a result, this money will help to generate work on sites and help the construction industry through these tough times, while trying to keep on track with providing affordable, energy efficient homes.
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