Furnished Holiday Lets

... one thing that makes planning difficult is that this legislation will be in the Finance Bill 2010, presumably.  But I'd expect this to be a pretty slim document with an election looming so maybe the draft legislation won't even make it into the Bill.  Even if it does unless the Finance Act is rushed through Parliament to clear the decks before the election, it may not have been passed by the time the Tories assume power - assuming they do.  This of course also partly depends on when the election is called.  If not passed by the time the new Government takes office then the Tories will presumably scap it, or that's a possibility because they'd either scrap it or accept it as it is surely rather than tinker with it.  It's hard to see that the position after 5 April 2010 will be less favourable than the draft legislation proposes, but it's hard to give definitive advice as we don't know if the legislation as it's drafted will make it to the statute book.  Or am I missing something?

we know how some of the existing reliefs will work, and if you are one of those FHL businesses that is very active on the additonal services front you should be able to continue to achieve trade and business asset status after the change and so not be unduly affected. For the rest, well there is always the PPR flip to consider.

Virtual Tax Assistance for accountants: www.rossmartin.co.uk

There is no provision in the rule change for those who have worked extremly hard in the tourist industry investing profits of their business to develop and bring up to date facilities such as ensuite bathrooms, swimming pools,  which holiday makers now require. They have not had funds to make pension contributions over the years but under the new provsions they are to be denied this. If they sell however, and many are reaching retirement age  they will also be denied entrepreneurs relief after 2013. This seems a poor reward for the business generated for restaurants and the holiday trade generally which the self catering holiday lets bring into a tourist area. In the South West prosperity is dependent on tourism. The self catering industry needs support at this time and separate provisons are required to distinguish those who have developed furnished holiday letting sites with multiple facilities from those who have merely invested in predeveolped units either abroad or in the UK.      

It's not overaly clear from the Article or the guide purchased what the tax treatment will be for EEA rental property losses created after 06/04/2010.

For losses incurred on properties outside the UK but inside the EEA, let with a commercial view to profit, will these losses be available for offset against all other profits from property letting (ie including UK profits) or only against profits of the same rental property or those outside the UK but in the EEA? Eg - can you offset Spanish rental property losses against UK rental profits?