http://www.legalknowledgescotland.com Legal support for lawyers Wed, 14 Mar 2018 15:58:09 +0000 en-US hourly 1 http://wordpress.org/?v=3.9.2 http://www.legalknowledgescotland.com/?p=78 http://www.legalknowledgescotland.com/?p=78#comments Tue, 10 May 2011 10:55:03 +0000 http://www.legalknowledgescotland.com/?p=78 A reminder that furnished holiday lettings may be affected by three major taxation changes.  Two changes apply from April 2011.  The first of these is that the profit or loss from a FHL in an EEA country other than the UK (European Economic Area is the EU countries plus Iceland, Liechtenstein and Norway) has to be calculated separately from a profit or loss arising from UK holiday lettings.  Profits and losses from outwith the EEA also have to be calculated separately.  Also from 2011 it will no longer be possible to set a loss made from FHL properties in the UK or overseas against other income to generate a tax repayment.  As from April 2012 the periods that a property may be let to qualify for the FHL tax reliefs are to be extended.   These changes are likely to mean that some FHL businesses will no longer be profitable.

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