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Furnished Holiday Lets (FHLs) Abolition Guidance

The Spring Budget of 2024 brought forth a significant change by abolishing the special tax regime for owners of short-term accommodations, also known as Furnished Holiday Lets (FHLs). This decision poses a challenge for qualifying FHL owners who have benefited from unique tax regulations, treating their business as a hybrid trade/property venture.

As of now, the available information is sparse, with the government confirming that starting from April 6, 2025, short-term and long-term lets will be treated identically for tax purposes. Individuals with both FHL and non-FHL properties will no longer need to separately calculate and report their income.

You can download the full Guidance Sheet below which includes full detailed points relating to: 

  • Despite the lack of guidance, several points are clear…
  • Certain aspects remain unclear…
  • For many, especially those without mortgages or with incomes within the basic tax band, the impact may be minimal…

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