Commentary

B6.401 Introduction to furnished holiday lettings

Business tax
Business tax | Commentary

B6.401 Introduction to furnished holiday lettings

Business tax | Commentary

Division B6.4     Furnished holiday lettings

Divisions B6.4 prepared by
KEITH GORDON,

MA (Oxon), ACA, CTA

Barrister, Atlas Chambers

For updates affecting this Division please see Part B0 Updates

Furnished holiday lettings—overview

B6.401 Introduction to furnished holiday lettings

Special rules apply for the commercial letting of furnished holiday lettings (FHLs) both in the UK and in the EEA1. The EEA comprises the EU states plus Iceland, Liechtenstein and Norway.

From 2017/18 the default option for calculation of profits of unincorporated property businesses, including furnished holiday lettings, with receipts not exceeding £150,000 is the cash basis, though profits are still calculated using generally accepted accounting practice (GAAP)

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