Furnished Holiday Lettings 4th Edition

This book, written primarily for professional advisers, brings together all the special tax rules that apply for furnished holiday properties.

The text explains the criteria that must be met for the special legislation to apply, and gives full details of the tax benefits of gaining that status, from acquisition to disposal, and including the inheritance tax provisions as they apply to such properties. It also includes guidance for overseas properties and non-resident owners.

THE book for anyone needing to understand the tax rules for holiday letting properties, written by an acknowledged expert in the field. One of our best-selling titles, as it is popular both with property owners and their professional advisers, this book covers the whole range of tax issues that need to be considered by those concerned with holiday accommodation.

For accountants, the book offers a comprehensive guide to the specialist rules, fully cross referenced to legislation and case law, as well as to HMRC guidance. Owners benefit by avoiding costly errors and, where appropriate, by being better prepared for meetings with their professional advisers (and by saving costs accordingly).

The fourth edition has been considerably expanded (see details below). Following a helpful introductory chapter, the book provides a practical commentary based soundly on the legislation and case law.

“Very well written, easy to read and packed with information. … The FHL qualifying rules are addressed clearly and in detail, with helpful examples.” – Taxation review of earlier edition

“An excellent handbook. … Easy to read and well structured for swift reference of specific points, with an excellent index.” – TAXline review of this fourth edition.

Contents (in brief)

• Background to the tax rules
• Property letting or trading?
• Meeting the qualifying criteria
• Capital expenditure
• Tax on purchase of UK holiday properties
• Ownership structuring for an FHL business
• Selling a holiday property
• Holiday lets and exemption from inheritance tax
• Succession planning for FHLs
• Holiday letting in the EEA
• Non-UK resident owners

New for this edition

• Capital gains tax changes including new business asset disposal relief, main residence relief reductions and accelerated payment of tax
• Latest tax cases on business property relief – Graham and Vigne
• Non-residents – NRCGT, SDLT surcharge for overseas purchasers and Brexit
• Capital allowances changes – structures and buildings allowances and writing-down allowance reductions
• Update on trading status position following anti-avoidance cases and Covid-19 government intervention measures
• VAT developments and small business rates relief changes as well as Covid-19 measures

VIEW FULL TABLE OF CONTENTS