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Issue:
4950
/
Categories:
Comment & Analysis
, anti-forestalling
, Capital gains tax
, furnished holiday lettings
, Land & property
No way to run a tax system
Key points
- The draft legislation in effect removes the furnished holiday letting tax regime from the property income tax code.
- A statutory test would be helpful to determine whether FHL income is a property business.
- The abolition of the FHL tax regime is not a cessation of business.
- From April 2025 FHL businesses will not qualify for some capital gains tax reliefs.
- Effect of the anti-forestalling rule for CGT.
On 29 July the new government published draft legislation to implement the abolition of the specific tax regime for furnished holiday letting. There was no accompanying tax policy commentary to clarify the position of the new government on this inherited tax policy nor specific response to the lobbying and informal consultation that has taken place with interested parties since Jeremy Hunt’s Spring Budget on 6 March.
Given the context of the announcements on 29 July by Rachel Reeves ...
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