New rules for holiday lets
In this article we take a quick look at the changes to the rules for holiday lets
- There are over 100,000 official holiday homes in England and Wales registered with the Valuation Office Agency, nearly double the number just four years ago.
- Two-thirds of officially registered holiday homes are located within just four regions of the UK.
- From April 2023, second home owners will have to prove holiday lets are rented for a minimum of 70 days and available to let for at least 140 days a year to qualify for small business rate relief.
- The new rules announced by the government aim to close a tax loophole. Owners of homes that do not meet the criteria must pay Council Tax on the property.
- Source: Dataloft, DLUHC