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Furnished Holiday Lettings – An Update

There is still uncertainty about the future of the generous rules for owners of property used for furnished holiday lettings (“FHL”).

After the last Government abolished and then reprieved the rules, the current Government is consulting about what to do in order to comply with EU regulations.

The latest proposals suggest that the rules will be tightened up:

• Properties must be available for letting for at least 210 days per year (currently 140 days)
• Properties must be actually let for 105 days (15 weeks) (currently 70 days)
• Losses will only be able to be set against future profits of the same FHL business.
• Capital Allowance treatment will be formalised

These rules appear to be very much aimed at the second home owners who also let their properties when they are not using it and so are unlikley to affect many clients of robinson+co whose properties are available 52 weeks per year – and achive well over 50% occupancy.

However the restriction on loss relief will hit even commercial providers who rely on finance to fund their purchases, as well as owners who have large expenditure in a year – for example updating and renovating their properties.

And these proposals will still leave FHL owners in a non-man’s land regarding many other valuable tax reliefs – such as Inheritance Relief for Businesses.

Contact Victoria Bishop on 01900 603623 or victoriabishop@robinsonco.co.uk for further information.

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robinson+co is registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.

robinson+co is a trading name of robinson+co (Gosforth) Limited registered in England & Wales 08088245. Registered office Oxford Chambers, New Oxford Street, Workington CA14 2LR. Regulated by the Institute of Chartered Accountants in England & Wales for a range of investment business activities.
robinson+co Financial Services Limited is registered in England & Wales 07272147. Registered office Oxford Chambers, New Oxford Street, Workington CA14 2LR. Authorised and regulated by the Financial Conduct Authority firm number 597189.

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The firm's professional indemnity insurance policy is provided by Liberty who may be contacted via Bluefin Professions at Castlemead, Lower Castle Street, Bristol BS1 3AG. The policy applies to claims wherever made outside the United States or Canada, based on acts, errors or omissions occurring anywhere in the world.

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