News

Holiday lettings relief, wich was originally announced as being removed in Alistair Darling's budget report, where the benefits of running the holiday home as a trade were very beneficial to taxpayers, has been abandoned in the rush to dissolve Westminster.  The letting out of a holiday property, assuming compliance with the rules, allowed a set off against the tax paid on your main occupation and was therefore of great benefit where a loss was occasioned as a result, for example, of the mortgage interest deduction.  It remains to be seen whether this will be revived if we have a change of government.