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Implications of coronavirus for holiday let owners

05 January 2021 / John Endacott , Steve York
Issue: 4774 / Categories: Comment & Analysis
34934
Holiday let update

Key points

  • Covid-19 crisis measures may make it difficult to meet conditions for furnished holiday letting tax treatment.
  • Economic boost from the stamp duty land tax and VAT cuts.
  • More tribunal decisions on business property relief and furnished holiday lettings.
  • Recent changes to capital gains tax affect holiday home owners.

The tourism and leisure industry had a torrid year in 2020. Many clients have been badly affected and have looked to their accountants and tax advisers for help as they tried to weather the crisis. Moving beyond that and as we look forward to what is hoped will be a better new year and a ‘new normal’ what should advisers be thinking about for clients with furnished holiday lettings (FHLs)?

In this article we review the implications of what has happened in 2020 look at some of the recent trends and suggest some areas to focus on. ...

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