** Update: The FHL Abolition is not in the Finance Bill, which is the Bill that is created to put Budget measure into law. We will continue to update you as and when possible **
The decision to abolish furnished holiday let (FHL) allowances in the latest Budget comes as another significant blow to ASSC Members, compounding the difficulties created by existing challenges such as the Short-Term Let (STL) legislation, living costs, and not forgetting the impact of Brexit and the Covid-19 pandemic. It’s devastating news for many, to say the least, and it feels like we’re constantly being dealt tough hands.In the days and months ahead, the ASSC will collaborate closely with fellow Trade Associations, including PASC UK, to vehemently challenge the abolition of the FHL Allowances. We urge our members to actively participate in this crucial endeavor, enabling us to effectively advocate and lobby on your behalf. Your involvement is essential as we gather evidence to support our lobbying efforts in the upcoming weeks.
PASC & ASSC have put together three specific calls to action where you can actively engage & support industry representatives to challenge the abolition of FHL Regime.
1. Complete this very important survey to help us assess the impact of FHL abolition and lobby accordingly
Please complete this survey about how the proposed abolition of the FHL regime will affect you. It should only take 3 minutes, and your answers are anonymous.
The results will help strengthen our advocacy efforts, providing valuable data to demonstrate the impact of this change across the whole of the UK.
2.After the UK Government announced that it was scrapping tax relief for holiday lets earlier this month, a petition and survey have both been launched to address the incoming Furnished Holiday Lettings [FHL] tax regime and assess its impact on businesses across the UK.
In the first place, James Varley, founder of Holiday Cottage Handbook, has created a petition urging the government to reverse its plan to abolish the FHL tax regime. If the petition reaches 10,000 signatures within the next six months [by the 25 September 2024 deadline], the government will respond, and if it reaches 100,000, the petition will be considered for debate in parliament.
3. Keep an eye on the ASSC website for regular updates and member advice in the form of FAQs, Guidance Sheets & Webinars, free for members & available in the members-only area of the website. We will also support members in terms of benefiting from Capital Allowances whilst they still can:
Not a member? Join the ASSC community now for advocacy, lobbying, & representation. Access free events, webinars, and tailored guidance. Engage with our member community on WhatsApp & unlock valuable business support, plus exclusive discounts with our trade partners.
Spring into action with our irresistible offer: Join the ASSC now and wave goodbye to the joining fee, saving £50! When you join, please quote the following Promo Code: SOCIAL30 to receive this very special offer: Join here: https://assc.co.uk/join-the-assc