Furnished Holiday Let (FHL) Abolition FAQs – Updated September 2024

Following the release of draft legislation on July 29 2024, the ASSC has compiled a set of Frequently Asked Questions (FAQs) to assist members in understanding the potential implications of the FHL Abolition.

These FAQs offer general commentary and are designed to help members evaluate how the changes might affect them personally.

While they provide valuable insights, they are not a replacement for personalised advice and can be used alongside other information shared by the ASSC.

Key topics covered in the FAQs:

• Deductible expenses
• Capital expenditure
• Pension contributions
• Losses
• Profit allocation
• VAT/business rates
• Trading vs property income
• Impact on limited companies
• Continuation of the business
• Gifting
• Company Purchase

and more…

Download the full Guidance Sheet Below

Author of Guidance: ASSC, PKF Francis Clark and PASC UK
Contact Details: communications@assc.co.uk
Date of Guidance: September 2024
Version Number: V1
Disclaimer – Guidance Sheets are written by experienced Members of the ASSC and other experts. The information in the ‘Guidance Sheet’ is provided by the ASSC for use by Members in support of their own independent business decisions. It does not constitute advice or instruction for which the ASSC can be held liable in any way whatsoever. All Members and other readers remain responsible for the consequences of any decisions taken whether in the light of information gained from this Guidance Sheet or not.