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Government End Outdated Law To Allow Short Term Letting In London

Government End Outdated Law To Allow Short Term Letting In London

New Measures Allow Londoners To Conduct Short Term Letting
Of Homes For Extra Cash

The UK Government have announced that they are set to introduce new measures that will bring to an end outdated rules from the 1970’s that prevented home owners in London from renting out their properties on a short-term basis to visitors.

Communities and Local Government (CLG), Secretary Eric Pickles said that there were almost 5 million overseas visitors to the capital between July and September 2013, and thousands of properties were advertised as being available as holiday lets on travel accommodation websites such as Airbnb.

However, under laws dating back to the 1970’s, Londoners who want to rent out their properties for less than 3 months, technically still have to apply for planning permission from the council, which does not apply anywhere else in the UK.

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 Obey Gas SafetyLaws Or Face Prosecution – Landlords Warned

Gas Safety Is A Legal Responsibility

Gas Safety Is A Legal Responsibility

UK Landlords need a better understanding of the many laws and regulations regarding the safety of tenants in private sector rental accommodation, or they may find that non compliance with any of the prescribed regulations can make them liable for prosecution and will render their Landlord Insurance invalid.

UK Landlords have moral and legal responsibilities regarding the safety of all tenants living in private rented sector (PRS) rental accommodation, occupied under a lease or licence, which includes, but not exclusively:

  • Residential premises provided for rent by local authorities, housing associations, private sector landlords, housing co-operatives, hostels
  • Rooms let in Houses of multiple occupation (HMO’s), private households, bed and breakfast accommodation and hotels
  • Rented holiday accommodation such as chalets, cottages, flats, caravans and narrow boats on inland waterways.

The Gas Safety (Installation and Use) Regulations 1998 outlines the landlords’ duties to make sure gas appliances, fittings and flues provided for use by tenants comply with all the latest UK safety regulations and are not hazardous to the health of the tenant.

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A landmark tax tribunal case has ruled that owners of holiday homes who let them out will be able to claim business property relief and reduce their Inheritance Tax (IT) bills.

This is in contrast to Buy-To-Let properties which are not treated as businesses, despite pressure from groups such as the Residential Landlords Association (RLA).

HMRC had tried to categorise holiday lets with other Buy-To-Let and rental properties, which attract 40% IT on the owner’s death.

However, a tax tribunal dismissed the taxman’s argument that furnished holiday lets should not be considered a business for IT purposes.

It also argued that relief should only be given when the owner had ‘substantial involvement’ with the holidaymakers, and that an ‘intelligent businessman’ would not consider holiday lets to be investments.

Following the ruling, owners of holiday lets will now be able to claim business property relief, which in turn provides relief from IT.

Although the ruling concerned a UK property, it could have implications for those who let properties overseas.

Stephen Barratt, private client director at accountants James Cowper, said the ruling was particularly interesting as there was no clear evidence that the owner in this case had had substantial involvement with the holidaymakers.

Barratt said: “While HMRC can be expected to take their arguments to the Upper Tier Tribunal, as it stands the decision is good news and could open the door to a flood of claimants who have been awaiting the verdict. It could also give people greater certainty in planning their affairs.”

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