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Are furnished holiday lettings entitled to wear n tear allowance?..and if yes when do they not qualify for it?…thanks
Yes the wear and tear allowance is available but the taxpayer may choose instead to claim capital allowances on the furnishings as the holiday lettings are viewed as a trade.
Not entirely certain about the meaning of your statement but there are indeed different rules within property income to deal with the different types of property income – unfurnished, furnished, furnished holiday lettings let alone premiums received on the granting of a short lease.
In this issue capital allowances in relation to furnishings is only available for furnished holiday lettings.
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