| Getting the Finance Bill
2010 passed between when it was published
on 1 April 2010 and the dissolution of
Parliament on 12 April was always set to
be a heavy load in spite of the fact that
there were only 73 clauses and supporting
schedules.
That load was lightened as certain of
the more unpopular proposals were dropped.
The abandoned additional increase on cider
duty compared to other alcoholic drinks
may have grabbed the headlines but another
tax related proposal may be of wider
interest.
The favourable tax regime for Furnished
Holiday Lettings accommodation was due to
be repealed from 6 April 2010. This
proposal was dropped from the Finance Bill
but what happens next depends on the
outcome of the General Election. The
Financial Secretary to the Treasury has
pledged that this and the other withdrawn
clauses will be re-introduced in a second
Finance Bill should his party be returned
to government.
It does mean for the present there is
uncertainty as to the tax treatment of
this type of property business as 2010/11
gets under way. We will keep you informed
of any further developments.
Internet link:
Accountingweb article |
