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Tax breaks on rental property


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Under the existing rules, a loss on a furnished holiday letting may be used to reduce any taxable income in the same year. However, from 6 April 2010, the loss can only be set against other property income in the same year, with any excess loss carried forward for offset against future net property income.

This will be a set back for property owners such as you, who have previously used the loss to reduce your overall income subject to tax. If you would like to look at the tax planning options or you need more help in this area, then please get in touch.

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