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« Hiring the right plumbing company | Main | Looking For Knowledge And Tips About Having Your Credit Repaired. — Read This Post . »

Tourism Loses £200 Million Due to New Taxes

By plrprousers | November 21, 2009

Holiday home owners here in the UK who rent their house out for a large proportion of the year are expected to be hit by a new stealth tax in 2010. Around 60,000 holiday home owners will be affected by the new taxes, wth each one being charged an extra £4000 every year.

The stealth taxes will hit those who offer their house for atleast 140 days each year. The home also has to actually be rented for a minimum of 70 out of the 140 days. It wouldn’t come as a surprise if we saw some home owners offering their home for atmost 139 days a year.

The reason why these taxes will be coming in is because, according to the Treasury, the current ones break European laws. This is because current holiday home owners are able to receive tax reductions on certain things because they are classed as traders. These new guidelines will mean that the home owners will now be classed as investors which means that will be required to pay tax.

Although these new taxes won’t be good for holiday home owners, they are good for the Government. With around 60,000 UK holiday home owners being hit by the new stealth taxes, the Government looks to make around £20 million. Despite the Government gaining an extra £20 million from the taxes, it end up being worse for the Goverment than they think.

These new tax rises won’t be welcomed by holiday home owners. Many already pay high amounts for things like maintenance and holiday cottage insurance. Now due to holiday home owners being charged more, therefore making less profits, many holiday home owners will be forced to close down. According to analysts, these taxes could result in the tourist industry loosing £200 million each year. Not only will money be lost from tourists not being able to find a place to stay, but jobs will also be lost due to the amount of holiday homes that will be forced to close. Yet more unwelcomed news for the recession.

If you are after insurance for holiday homes based in the UK, or just overseas property insurance for your holiday home abroad, Schofields is the site to visit.

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