Wash up tax drops: Good news for cider drinkers and holiday lettings
There’s been a repeal of the tax on cider and the rules in relation to furnished holiday lettings. Simon Sweetman takes a look at what could be next for these two controversial measures.
In the West Country they tell me there is dancing in the streets. Not only has the increase in tax on cider been averted, but so too have the changes to the furnished holiday lettings rules. Let joy be unconfined - or perhaps not.
Continued...
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Furnished hol lettings - what about 2010-11?
Yes there's certainly much merriment down in Somerset at the loss of the higher tax on cider. We have a big cider producer in the town here, so local fears of job cuts have been allayed -for the time being at least.
I know we can't guess what the next government will do, but where are we right now on FHLs? I have read elsewhere that the FHL regime would have to be repealed at the beginning of a tax year, which implies that it will remain for 2010-11 - is that correct? Is there anything to stop a re-elected Labour government from simply reinstating the proposal wef 6 April 2010 (apart from the Tories, of course!) or will my FHL clients be able to claim their letting losses against other income for another year?