🏠 Big news for holiday let owners in Wales! The Welsh Government is shaking things up with two proposed tax changes aimed at supporting the tourism and hospitality sector. Here’s the scoop:
🔹 **Flexible Multi-Year Averaging**: Holiday let owners may soon be able to average their 182 days of letting over several years instead of annually. A lifesaver for owners who just miss the mark!
🔹 **Charitable Contributions**: Up to 14 days of free holidays donated to charity could count towards those 182 days. Spread the goodwill and meet your target!
Since the 2023 rule kicked in requiring properties to be available for 252 days and let for 182 to qualify for non-domestic rates, it’s been a mixed bag. Most owners keep up (60% hit the target), but the retrospective rule caught some by surprise! 🙈 Like Colin and Rebecca from Flintshire, who faced a whopping £10,000 bill. Ouch!
The government is listening, and there’s more in the pipeline. They’re also considering giving more time for adjustments with a 12-month grace period for those switching from non-domestic to domestic classification. This consultation is open until November 20, so have your say!
Mark Drakeford highlights tourism’s role in Wales’ economy and culture, striving for a balance that benefits visitors, businesses, and locals alike. Let’s work together to ensure Wales remains a top-notch tourist destination while supporting our local communities!
Got thoughts on this? Drop a comment below! 💬🎉 #Tourism #HolidayLet #WalesChanges #LocalEconomy