Last Updated on March 25, 2010 by Mark Lavington
2010 Budget | Furnished Holiday Letting (FHL). As announced last year, the tax advantages of Furnished Holiday Letting businesses will be withdrawn with effect from 6th April 2010. Income from FHL will be treated in the same way as income from other property rents. This means there will be less advantageous offset of losses and a number of Capital Gains Tax (CGT) reliefs will no longer be available. However according to our accountants, it appears that Entrepreneurs’ Relief will apply to disposals of a FHL property within 3 years of 5th April 2010, potentially reducing the effective rate of CGT on up to £2m of gains from 18% to 10%.
Furnished Holiday Lets | Your Emergency Tax Planning Guide
Boshers Holiday Home Insurance clients and friends can follow the link to purchase a copy of this invaluable guide and receive a 30% discount off of the RRP of £24.95 + £1.95 postage and packing. Simply use the discount code BOSHERS which is case sensitive. Please note that Boshers Ltd have no connection with the Tax Cafe and will not receive any remuneration from the sale of their publications, instead this is passed on as a saving to you. This book will be of interest to Holiday Home Owners and may just throw up some interesting points to discuss with your professional advisers.