Tue 28 September 2010
As the Furnished Holiday Lettings (FHLs) consultation period draws to a close, many holiday home owners across the UK are anxiously waiting to hear a final decision on the special tax breaks for FHLs that have been at the forefront of the vacation rental industry for the last 10 months.
Despite the longevity of this public debate, it remains a confusing subject that some holiday home owners have struggled to get to grips with or to determine any personal relevance to the subject.
However, Holiday Lettings believes that the Treasury’s proposed changes, that will take effect from April 2011, are in fact encouraging for those that run a self-catering holiday home on a full time basis as well as those considering entering the holiday lettings industry*.
Why the three main proposed changes could be good for holiday home owners and the self-catering industry:
1) To raise the eligibility criteria; to qualify for FHL tax breaks owners must let a property for an annual minimum of 15 weeks (raised from 10)
Of the FHL consultation Kate Stinchcombe-Gillies, head of communications at Holiday Lettings, says:
"During the course of this debate it has become apparent that many holiday home owners are unsure what to expect from the changes and are fearful for the outcome of the consultation. Rather than continue the culture of scare mongering that has been evident over the last few months we want to reassure owners and make it clear that there are some very positive implications from the likely outcomes of the consultation."
"The extended advertising period gives every holiday home owner an opportunity to review and optimise their marketing strategy, something that any profitable business needs to do regardless of industry. Also, by keeping the Furnished Holiday Letting tax treatments relatively unchanged, but tightening the eligibility criteria, the proposals will continue to protect the professional holiday home landlord while increasing the incentives for part time landlords."
"In the main, these changes are an opportunity. If your business is performing well come 6 April 2011 there is very little to be concerned about and it should be business as usual. As the market leader in the holiday home industry, if the changes were remotely detrimental to our advertisers we would be the first to say so and seek a solution."
How owners can maximise this opportunity:1. Review and refresh your marketing strategy
2. What’s going on in your area?
Notes to Editors
About Holiday Lettings:
Holidaylettings.co.uk was established in 1999 by Ross Elder and Andy Firth. Part of the TripAdvisor Media group since June 2010, the business continues to thrive as an independent brand from its offices in Oxford. Jonathan Dees has been managing director since March 2011.
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*Through the TripAdvisor Media Group. Source: comScore Media Metrix for TripAdvisor Inc. and its subsidiaries, Worldwide, May 2012