The Abolition of the Furnished Holiday Let Tax Regime (FHL) – Frequently Asked Questions (FAQs)

Following the release of draft legislation on July 29 2024, the ASSC has compiled a set of Frequently Asked Questions (FAQs) to assist members in understanding the potential implications of the FHL Abolition.

These FAQs offer general commentary and are designed to help members evaluate how the changes might affect them personally.

While they provide valuable insights, they are not a replacement for personalised advice and can be used alongside other information shared by the ASSC.

Key topics covered in the FAQs:

• Deductible expenses
• Capital expenditure
• Pension contributions
• Losses
• Profit allocation
• VAT/business rates
• Trading vs property income
• Impact on limited companies
• Continuation of the business
• Gifting
• Company Purchase

and more…