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New rules for furnished holiday lettings are summarised by MAIRI DRUMMOND
KEY POINTS
- A summary of the tax reliefs available for furnished holiday lettings.
- The new furnished holiday letting qualification conditions from 6 April 2012.
- The consequences of failing to meet the conditions.
- The averaging and “period of grace” elections.
- Entrepreneurs’ relief and crystallising a gain.
As an owner of furnished holiday accommodation and a tax practitioner it is with keen interest that I follow the changes in the taxation of these properties.
The new rules which apply from 2012 mark a fundamental change for owners. To continue to receive the privileged tax treatment lettings must meet more stringent qualifying conditions and in this article I examine the implications for owners.
The beneficial treatment
The furnished holiday letting (FHL) rules were introduced by the...
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