Retirement Relief & CGT

[Moneyspider]

Hi there, does anyone know if holiday homes count as "qualifying assets" with retirement relief against CGT? I know there is a 10 year business rule and over 55 rule but does a holiday letting business qualify?

 

[BarMcc]

Only assets used in a trade, profession, office or employment qualify for retirement relief. Therefore, in normal circumstances holiday homes don't qualify for retirement relief.

 

[Moneyspider]

re retirement relief

Thanks, BarMcc. To explain a bit further, a friend of mine is considering setting up a holiday letting business starting with 2 or 3 properties which she will purchase and holiday let. But from what you say does holiday letting count not as a trading business? Many thanks!