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HMRC set to crack down on second homes classified as Furnished Holiday Lets

HM Revenue & Customs set to crack down on second homes classified as Furnished Holiday Lets image

The Treasury have announced that they intend to crack down on taxpayers claiming that their properties qualify as Furnished Holiday Lets, where in fact the qualifying conditions are not being met. 

Furnished Holiday Lets are exempt from paying council tax and instead pay business rates, as well as attracting a number of generous tax reliefs, such as the ability to claim capital allowances and taxing gains on sale at a rate of only 10%. 

However, HM Revenue & Customs believe that some taxpayers may be incorrectly claiming Furnished Holiday Let treatment even though they have not let the property out to tenants. 

A property must meet the following conditions during a tax year in order for a claim to be made for it to be classed as a Furnished Holiday Let: 

  • The property must be furnished and situated in the UK or any other state in the European Economic Area. 

  • The property must be available for commercial letting for at least 210 days of the relevant tax year. 

  • Finally, the property must actually be let out for at least 105 days in the tax year and the property must not be occupied by the same tenant for a continuous period of more than 31 days at a time (so long term furnished lets will not qualify). 

If you have concerns about your own Furnished Holiday Let, then please contact our team.

Leisure and tourism, Tax

Duncan & Toplis

Duncan & Toplis was established in 1925 and has 11 offices throughout the East Midlands: in Boston, Grantham, Lincoln, Loughborough, Louth, Melton Mowbray, Newark, Skegness, Sleaford, Spalding and Stamford. The group offers accountancy, tax and business advice, audit and assurance services, HR, Payroll, wealth management, IT services, legal and probate services and provides business turnaround support to SMEs. The business has 413 employees, of whom 65 are currently engaged in professional training.

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