The advantages under the special rules are:• Capital allowances on furniture, furnishings, etc.• Capital Gains Tax reliefs for traders• Profits count as earnings for pension purposes

3. Elect for the retrospective basis to apply which means that the whole gain/loss is taken into account. You may want to do this if there is a loss or principal private residence relief gives a lower gain over the whole period.

The Let Property Campaign has been around for many years now and has been organised by HMRC in order to provide a long-standing disclosure opportunity for residential property landlords who need to update their tax affairs in order to avoid penalties and interest.