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The new abroad?
Key points
- To be a furnished holiday let the property has to be properly furnished with guests being entitled to use the furniture.
- It must be let for a specified number of days each tax year.
- A period of grace election may be available for owners who failed to meet the 105-day test.
- Profits from holiday accommodation must be calculated separately from other rental business.
- Owners may wish to review their Covid-related grant claims.
Nearly 11 500 second homes in England have become furnished holiday lets since the start of the pandemic according to research from the Altus Group – see New holiday lets. Now that the red list for travel has been considerably eased and freedom to travel for the vaccinated is nearly back to the pre-pandemic...
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