Tax Partner James Bailey today welcomed the announcement on 12 March by Shadow Chancellor George Osborne, that a future Tory government would “take action to undo the harm” that will be done by Alistair Darling’s legislation to abolish the beneficial tax treatment of landlords of “furnished holiday accommodation”.
“The legislation published in the Pre-Budget Report last December, which is scheduled to come into effect on 5 April this year, would be a disaster for the Cornish tourist industry”, said James.
“There was little hope of getting the present administration to change its mind about this measure, but we have been assisting some of our clients whose businesses would be seriously affected to present the industry’s case to the Tory Party. I am pleased to see that the arguments have been listened to”.
“Of course, we shall have to wait and see what the Tories’ detailed proposals are – it seems clear from Osborne’s announcement that they will not simply repeal the legislation – but at least they have shown they are aware of the damage that will be done by the legislation”.
“We shall also have to see who wins the General Election, of course!”.
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