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Holiday Homes - what can I claim and what will be the tax implications when I sell my property?

Posted 4 April 2014

I have a holiday home... what expenses can I claim? Can I for instance claim depreciation and finance charges? What is the TAX implications if I sell my holiday home, say after 10 years? If I took money from an existing bond and other financial investments, can I claim the finance cost and lost interest?

TaxTim TaxTim says:
4 April 2014 at 15:48

If you own a holiday home and do not rent it our for income earning purposes then there are no expenses you can claim against the selling price.

You will have to pay Capital Gains Tax on the difference between the selling price and the price you paid for the house. You are allowed to add to the amount you paid, all improvement costs - that is extras which added to the value of the house, not repairs to fix it, which would then reduce your capital gains tax.

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