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OPPOSSITION TO SCRAPPING FURNISHED HOLIDAY LETTINGS TAX CONCESSIONS

June 25, 2009 12:53 PM

Holiday LetIn the April budget the Chancellor announced that from April 2010 the Furnished Holiday Lettings (FHL) Rules will be repealed. These allow owners of some holiday lets in the UK to offset losses against income. An industry lobbying committee in the South West immediately tackled the Treasury over the likely impact to the South West's tourism economy.

These proposed changes were designed to tackle the problem of second homes not holiday rentals. However HMRC guidance notably fails to explain what will happen after 2010-2011 when the FHL rules are scrapped. The Government does not even know if the FHL rules are compliant with European law or indeed what European tax breaks will be available instead.

Clearly any move to change the tax concessions of the FHL rules are not welcome and will be resisted by the industry and its supporters - including myself. A probing new clause to the Finance Bill has been tabled by my colleague Jeremy Browne, MP for Taunton, on the back of my concerns for Devon's holiday lettings industry.

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