Thurs 9 December 2010
Draft clauses published today from the Finance Bill have revealed the outcome of the Furnished Holiday Lettings (FHL) consultation. An estimated 65,000 anxious UK holiday home owners now have a clear understanding of what the forthcoming changes are - and more importantly, exactly how they will affect them. The Treasury’s changes will be applied in two stages.
Changes applicable from April 2011
Changes applicable from April 2012
Kate Stinchcombe-Gillies, spokesperson for Holiday Lettings™, says: “This is a very well rounded and thoroughly considered response from the Coalition. While the changes to loss relief may raise some concerns for new entrants and possibly farmers, the other changes are very welcome. The introduction of the grace period for those who struggle to continually meet the eligibility criteria generously rewards those who support the self-catering industry and local tourism, but may suffer a bad year for reasons beyond their control. Generous too is the delayed introduction of the increased letting and availability thresholds until 2012. Long term these proposals will protect the self-catering industry in the UK and Europe and the professional holiday home landlord as well as increasing the incentives for part time landlords to make their properties available for more of the year.Compared to Labour’s previous proposals to completely withdraw Furnished Holiday Lettings tax reliefs, common sense appears to have prevailed.”
As the UK’s leading holiday home website, with more than 40,000 holiday homes worldwide, of which 8,000 are in the UK, Holiday Lettings™ had campaigned against the previous government’s proposed repeal of FHL tax benefits. Fully aware of the impact any changes to these reliefs could have on holiday home landlords but also the self-catering industry as a whole, Holiday Lettings has fully supported the proposed revision by the Coalition.
Holiday Lettings™ has put together some guidance for holiday home owners, with advice on how to benefit from the FHL reliefs and maximise profits in spite of them: http://www.holidaylettings.co.uk/resources/a-1-29-2514/
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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