Tax & Furnished Holiday Lets - An Advanced Guide
There are many benefits and advantages in the tax legislation for owning and letting a ‘furnished holiday let’ rather than a normal residential property let. However, there are strict conditions in the legislation that need to be satisfied in order for a property to meet the requirements for this relief. These requirements can be separated into availability and occupation requirements and are provided by legislation, HMRC guidance and case law.
This virtual classroom session will guide you through the more advanced aspects of the legislation, guidance and case law and many practical examples introducing you to what is important to know about how furnished holiday lets are taxed.
Throughout the session, there will be interactive quizzes case study exercises to reinforce your learning.
What You Will Learn
During the live session the following subjects will be highlighted:
- The tax advantages of owning an FHL and the different types of ownership structures
- The conditions for FHLs
- Which requirements are essential
- The meaning of the conditions including commercial letting, occupancy levels, averaging and the period of grace election
- The definition of ‘furnished’ and how capital expenditure is dealt with
- FHLs and IHT and succession planning
- Overseas aspects of FHLs
- Any remaining impact of COVID-19
Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.