Lee Sharpe looks at the tax position on the removal of a property from the property business.
Over the last few case studies, I have looked at introducing property into the property business and the implications of updating, repairing and adapting property for its intended use.
This article considers the tax position where a landlord or landlady is about to remove a property from their continuing property business.
Enough is enough
Sean (whom some readers may remember from the previous case study) has now been letting a substantial Edwardian townhouse as a house in multiple occupation (HMO) for a few years. But he is finding that running an HMO for students is particularly demanding of his time and attention.
As the summer