Page 13 - Town & Around - March 2025

Tel: 01485 540620 email: editor@townandaround.net Town & Around March 2025 13
Furnished Holiday Lets (FHLs) consequences of various courses of action. Advice from a qualified
A lot to do here, especially if you haven’t started thinking about the impact Independent Financial Adviser will be needed regarding the investment
of the abolition of the FHL rules that comes in on 5 April 2025. Particular aspects of any decision. This article was written in January, and therefore
areas of concern are the restriction of Income Tax relief for interest which needs to be considered in the light of any announcements made before 5
will from 2025/26 onwards be at 20% only, with no phasing in. Capital April. For further advice please contact Kate Gigg FCA or Nicola Tarry
Allowances (CA) will no longer be claimable, but CA pools will still be FCA at Kathryn Gigg Chartered Accountants, Hunstanton on 01485
available for carry forward. Business Asset Disposal Relief will no longer 534800 or kate@kathryngigg.co,uk.
apply for sales of properties where the FHL trade continues post-5 April © Kathryn Gigg Chartered Accountants 2025
2025. (If you are considering selling your FHL in the short term it would Caution: The information listed above is for general guidance only. You should
be advisable to take tax advice as soon as possible ahead of 5 April this neither act, nor refrain from action, on the basis of any such information. You
should take appropriate professional advice on your particular circumstances
year.) The matter of Profit Sharing Ratios (PSR) between husband & because the application of laws and regulations will vary depending on particular
wife FHL owners must also be considered ahead of the tax year end in circumstances and because laws and regulations undergo frequent change. Whilst
order to avoid moving from a tax beneficial PSR of choice to the default we endeavour to ensure that the information contained herein is correct, neither
50:50. Income from FHLs will no longer be relevant earnings for pension we nor our firm shall be liable in damages (including, without limitation, damages
purposes after 5 April 2025. So, as we say, a lot to consider: pretty quickly for loss of business or loss of profits) arising in contract, tort or otherwise from
if you have not already sought advice. any information contained in it, or from any action or decision taken as a result of
N.B. Please note that the comments above only refer to the TAX using any such information.

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