Holiday Letting Benefits
If you are seeking holiday letting income from your holiday apartment you could benefit from:
- Profits qualifying for Personal Pension payment relief
- Beneficial treatment for Capital Gains Tax
- Holiday letting businesses may qualify for Inheritance Tax Business Property
Relief under certain circumstances
- VAT on purchase price and management costs is recoverable
on holiday letting accommodation
You should seek specific advice in respect of your personal circumstances, but
if required we can introduce you to an independent advisor.
Summary of Main Lease Terms
SAUNTON, NORTH DEVON EX33 1LG
Property
Length of Lease
Initial Ground Rent
Apartments 1-16, "Oceanpoint"
125 years.
£250 per annum.
Management Company
A management company will be formed and will be a party to the lease of each apartment.
Under the terms of each lease, the management company will be responsible for future repair,
maintenance etc. of the common parts of the development. Each apartment owner will become
a member of the company, and the control of the company will be handed over to the owners
on the sale of the last apartment.
Service Charge
Services will be provided by the management company and the costs recovered through the
service charge provisions in each lease. An initial service charge budget has been prepared.