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Tax reliefs on Furnished Holiday Lettings – unexpected bonus for UK holiday home owners. According to various articles in the press, the Government has dropped the removal of tax relief on Furnished Holiday Lettings. This was one of several tax increases in the Budget, due to be enacted before Parliament was dissolved prior to the General Election on the 6th May.
The tax increases were abandoned after negotiations to fast-track the Finance Act through Parliament ahead of the General Election on the 6th May. The Conservatives had refused to sanction the fast-tracking of the legislation – unless these changes were dropped.
This will at least buy more time for political lobbying against these potentially damaging tax changes and meanwhile offers a welcome reprieve for Furnished Holiday Let Owners.