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JOHN ENDACOTT considers the uncertainties caused by the proposal to put and end to the special tax treatment of furnished holiday lettings
KEY POINTS
- The technical note on furnished holiday lettings in the EEA.
- The main provisions relating to the taxation of furnished holiday lettings.
- The conditions and the need for a commercial basis.
- Will there be a trade after April 2010?
- The National Insurance and inheritance tax implications.
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During the 1970s self-catering accommodation became a more popular choice for families looking to take their holidays in the UK.
There was dispute and confusion as to what extent the provision of such activities amounted to the carrying on of the trade and as a result specific statutory rules were introduced for furnished holiday lettings (FHLs) in FA 1984.
However it was announced in Budget 2009 that this position is due to change from...
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