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The Chancellor today announced that the tax advantages of letting properties as a short-term holiday let are to be abolished with effect from 6 April 2025.
The Government’s rationale for this change is to support local people by levelling the tax position of landlords offering short and longer term lets.
Details of how the changes are to be implemented have not yet been announced, but this change will have significant implications for owners of holiday let properties.
The tax advantages of Furnished Holiday Lets have been diluted over the years but currently include:
Although the current rules are not being abolished till April 2025, there is to be an anti-avoidance measure, applicable from today (6 March 2024), which will prevent the use of unconditional sale contracts to maintain eligibility to the Capital Gains Tax advantages of short-term holiday lettings after 5 April 2025.
We will keep a close eye on this announcement and will provide further details in due course. If you have any queries in the meantime, please do not hesitate to contact one of our Tax Specialists on 01228 7111.
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