Short Term Letting Survey to assess impact of FHL abolition March 2024

IMPACT OF ABOLITION OF FHL ALLOWANCES

In the March 2024 Budget, the government announced plans to abolish the Furnished Holiday Let (FHL) allowance.Gov.uk FHL page

We, alongside our industry partners, are leading a collective call against this change and the impact it could have on the UK self-catering holiday industry, and the thousands of people it supports.

Please complete this survey about how the proposed abolition of the FHL regime will affect you. It should only take 3 minutes, and your answers are anonymous.

The results will help strengthen our advocacy efforts, providing valuable data to demonstrate the impact of this change across the whole of the UK.

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* 1. How many holiday properties do you own?

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* 2. How did your property become a short-term let? If you own more than one property, please select most appropriate answer.

I bought an existing holiday let

I bought it as an investment property

I inherited it

I used to live in it

I used to let it long term

It's part of a farm diversification strategy

I Converted old/redundant building

It's an alternative accommodation unit - e.g. glamping, shepherds huts, cabin, yurts etc

It's an annexe to my property

Other (please specify in comment box)

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* 3. How many of your properties have local planning/holiday let restrictions imposed on them?

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* 4. How long has your property operated as short-term let? If you own more than one property, choose how long your first property has been a short term let.

Less than one year

1-2 years

3-5 years

6-9 years

10+ years

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* 5. What is more important to you in terms of financial returns from your holiday let?

Maximising annual income

Maximising long term investment gain

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* 6. Please use the arrow buttons to rank the following elements of the Furnished Holiday Lets regime in order of importance to you. (1= most important and 6 = least important).

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* 7. How much have you spent on improvements, renovations, furniture and equipment, per property, in the last 5 years?

£0 - £9,999

£10,000 - £19,999

£20,000 - £49,999

£50,000 - £99,999

£100,000 +

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* 8. If you could no longer receive an immediate tax deduction for improvements you make to your property/properties (i.e. claim Capital Allowances), how will that impact your future investment decisions?

Significantly less likely to make further investments

Slightly less likely to make investments

No impact on future investment decisions

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* 9. What percentage of your annual income comes from your holiday let(s)?

0 - 25%

26 - 50%

51 - 75%

76 - 100%

Would rather not say

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* 10. Do you have a mortgage for your holiday let(s)?

Yes

Not applicable/ Would rather not say.

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* 11. For what reasons have you taken out a mortgage?

To purchase a property

To improve a property/make renovations

To both purchase and make improvements/renovations

Not applicable

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* 12. Do you think that you will need to increase prices to cover any additional tax you may incur?

Yes

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* 13. If the tax treatment for your holiday let property becomes the same as long term lets, would you consider switching to a long term let?

Yes

I would but cannot because of planning restrictions

Other

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* 14. If you were forced to sell your property, who do you think is the most likely buyer given your properties characteristics, local amenities, value and location?