Taxation - Budget 2011

Since the pre budget report proposed by the Government in 2009 the tax treatment of Furnished Holiday Letting's Business has been under review.

Following a period of consultation HM Treasury announced proposed changes to the Legislation which will be enacted in the 2011 Finance Bill.

There are still considerable tax advantages in letting a property as Furnished Holiday accommodation. To gain the tax advantages the holiday letting's business must satisfy certain conditions including the following:

• The property must be available for letting as short term holiday accommodation to the general public for at least 140 days in the year (from April 2012 this is to increase to 210 days)
  
• It must be let as such for at least 70 days in the year (from April 2012 this is to increase to 105 days)
  
• Periods of more than 31 days letting's are allowed so long as they amount to less than 155 days in the year
  
• The business must be set up with a view to realising profits

If you have a particular query or need to discuss your situation in detail please contact Tony Briscoe at www.dhcaccounting.co.uk on 01900 64464. Email address is advice@dhcaccounting.co.uk

The Financial Services Authority does not regulate taxation advice

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Home Counties Mortgage Services Ltd is authorised and regulated by the Financial Services Authority.

We are entered on the FSA register No 434190 at www.fsa.gov.uk/register

The Financial Services Authority does not regulate some aspects of Holiday Let Mortgages

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Registered address: Eskdale, The Common, Holmer Green, Bucks.HP15 6TD.
Tel : 01494 716600

The guidance contained in this website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

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