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Property development (6): Time for a change

Shared from Tax Insider: Property development (6): Time for a change
By Lee Sharpe, July 2021

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&nbsp

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