The Tax Track
In this podcast series from the Institute of Chartered Accountants in England and Wales, experts from the Tax Faculty discuss the biggest tax stories of the month, with advice for professionals in the sector to keep their knowledge and skills sharp.
The Tax Track
Checkout time for furnished holiday lets
The abolition of the furnished holiday lettings (FHL) rules from April 2025 was announced in the Spring Budget. Following the general election, the Labour government confirmed that it would proceed with the measure, and provided more details in the form of draft legislation, an explanatory note and a policy paper. While some of the detail may change as the legislation is finalised, there will be tax implications for those affected – we discuss the potential issues.
Links
- Why furnished holiday let owners are facing higher tax bills
https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/why-furnished-holiday-let-owners-are-facing-higher-tax-bills - ICAEW calls again for FHL brightline test
https://www.icaew.com/insights/tax-news/2024/sep-2024/icaew-calls-again-for-fhl-brightline-test - HMRC rejects ‘brightline’ test for furnished holiday lets (FHLs)
https://www.icaew.com/insights/tax-news/2024/may-2024/hmrc-rejects-brightline-test-for-furnished-holiday-lets-fhls
Panellists
- Stephen Relf, Technical Manager, Tax, ICAEW
- Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEW
- Katherine Ford, Technical Manager, Tax, ICAEW
Producer
Ed Adams
Episode first published: 2 October 2024
Podcast recorded: 24 September 2024