One of the key benefits of the special FHL rules is entitlement to capital allowances. This provides a more comprehensive basis of tax relief on capital expenditure for FHL operators than for other owners of residential property. This is because residential property is generally less favoured within the UK tax code and this has become even more the case in recent years with higher SDLT rates and a higher CGT rate. The only tax that is advantageous for residential property is VAT, as shown by 4.2 above.

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