An acknowledged authority on the tax issues surrounding holiday lettings is to lead a seminar in Truro aimed at helping owners to understand current inheritance tax implications and advising them on tax planning alternatives.
Former Tax Writer of the Year, John Endacott, is a partner at chartered accountant, Francis Clark. He said: “The holiday lettings sector is extremely important to the Cornish tourism related economy in terms of tourist numbers, income derived from visitor spend and local employment.
“It tends to be very much a family business and owners want to be able to pass it on to the next generation without a big tax bill.
“This has become more difficult after the recent decision in the Pawson Case which established that furnished holiday lets, in general, do not qualify for exemption from inheritance tax, but it is still possible if owners plan ahead.”
The seminar will examine the current inheritance tax status of holiday lettings alongside actions that owners can take to achieve more favourable tax treatment. This will include gifting strategies, business incorporation and some other topical ideas.
The ‘Succeeding in Holiday Letting Seminar’ will take place at Francis Clark’s offices at Lowin House, Tregolls Road, Truro on Monday, June 9. Tickets are £15 plus VAT and include a light lunch. Reservations can be made by emailing Jayne Phillips.