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SIMON SWEETMAN asks HMRC to think more radically when trying to distinguish between income from property and a trade
KEY POINTS
- The historic distinction between income from property and trades and professions.
- Why is the advantageous treatment for furnished holiday lettings being withdrawn?
- HMRC’s report and their view on the line between trading and property income.
- Is the change going to cause confusion?
I admit to thinking it didn’t matter much when it was announced that the furnished holiday lettings (FHL) rules were to go; I did not suppose the effect would be that great.
Then came the pre-Budget report and the paper on Withdrawing the Furnished Holiday Lettings Rules from 2010/11 and this puts us back to 1983. Except that it doesn’t because that was a quarter of a century ago and the rest of the world has moved on.
HMRC seem to have approached this task in a grumpy and unimaginative...
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