As the abolition of the tax regime for furnished holiday lets (FHL) approaches, it’s crucial to understand how these changes will impact your business.
Head of tax at PKF-Francis Clark Chartered accountants & business advisers, John Endacott, has written an insightful article for Taxation magazine, breaking down the key issues:
🏠 Tax status of furnished holiday letting income from 6 April 2025
🏠 Whether the change on 6 April 2025 constitutes a cessation for tax purposes
🏠 Transitional provisions for losses and capital allowances
🏠 Capital gains tax status of furnished holiday lets from 6 April 2025
🏠 Anti-forestalling rule for capital gains tax
In this article, John Endacott discusses the impact on individuals of the planned changes to the taxation of furnished holiday lets.
On 29 July, the new government published draft legislation to implement the abolition of the specific tax regime for furnished holiday letting. There was no accompanying tax policy commentary to clarify the position of the new government on this inherited tax policy, nor specific response to the lobbying and informal consultation that has taken place with interested parties since Jeremy Hunt’s Spring Budget on 6 March.
Read the full article in the link below to get all the details!