Loxley Solicitors Limited
1 Contributions by Loxley Solicitors Limited Experts
PRACTICE NOTES
STOP PRESS relating to abolition of furnished holiday lettings relief :
Announced at the Spring Budget 2024 on 6 March 2024, and with draft legislation published at the Autumn Budget on 30 October 2024, the government is abolishing the furnished holiday lettings regime. Subject to transitional provisions, the reforms will:
apply the finance cost restriction to loan interest connected with these properties;
remove capital allowances for new expenditure (with relief for replacement of domestic items available instead);
withdraw access to trading business asset chargeable gains relief; and
exclude this property income from relevant UK earnings when calculating maximum pension relief.
From April 2025, income and gains from furnished holiday lettings will form part of a taxpayer’s UK or overseas property business and be treated accordingly. The measures are effective from 6 April 2025 for income tax and CGT, and from 1 April 2025 for corporation tax. See News
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