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| Welcome to 'Time for Tourism' Autumn 2009 from Norfolk Tourism - featuring the latest marketing news, news from the team, regional activity from our partners and a seasonal round-up. See below for Business Link's update on potential tax changes for holiday lets, about the EDP Tourism in Norfolk Awards and a national acheivement for Park House Hotel. |
 The April 2009 budget brought unexpected news for owners of furnished holiday letting accommodation when the Chancellor announced that, as from 6th April 2010, the rules for furnished holiday lets will be repealed and tax advantages previously received will be lost to owners. These changes are aimed at bringing the rules into line with those affecting furnished holiday accommodation across Europe. So, what are the current income tax rules for commercially let holiday homes? In 1984 the income tax rules for commercially let holiday homes were changed to give them the same status as any other trading business. Provided that the accommodation is available for at least 20 weeks each year and is actually let for 10 weeks, the two most important tax advantages are: * Capital Allowances allow the owner to offset a significant proportion of the cost of capital investment in furniture and fittings against their tax liability straightaway. * Capital Gains Tax liabilities could be reduced under Entrepreneurs’ Relief. As from April 2010, furnished holiday lets will not be regarded as a trading business and will lose these significant benefits. What will this mean to Norfolk’s visitor tourism sector should this repeal go ahead? Economic downturn It is estimated that Norfolk’s tourism industry generates around £2.4 billion each year. It is likely that there will be a significant economic loss as holiday home owners stop letting their properties. The Tourism Alliance has estimated that that nationally there will be an annual £110 million loss to the domestic tourist economy and may cost 2,400 jobs. Decline in quality standards With the loss of trading status and Capital Allowances, holiday home owners will only be able to offset a wear and tear allowance of 10% of their annual income against their tax liability. This will be particularly felt in the important start up years. The repeal removes incentives to invest in the product offered and will lead to a decline in the quality standards. It will also reduce the stock levels as potential new operators will be put off from entering the market. What now? A robust lobbying campaign has been carried out resulting in the Treasury committing to undertake an impact assessment. The results are expected in the Pre Budget Report in November. Martin Sach, Chief Executive of the EASCO (English Association of Self Catering Operators) says: “EASCO feels the abolition of the Furnished Holiday Letting rules will have serious unintended consequences for the industry, forcing a significant number of marginal holiday businesses out of the industry, and damaging the rural economy. All we ask for is the recognition that providing self catering holiday accommodation is a business like any other and should be taxed on an equal basis as such.” All of this comes alongside the revaluation of business rates for tourism businesses which takes place every 5 years and will become effective from April 2010. Ed note: Lobbyists from EASCO, FONSCA, etc are still working hard on it…and are recommending that the current intention to repeal the FHL rules on 6 April 2010 be pended to allow a period of consultation with the tourist industry to examine the wider implications of the repeal and look at ways to ensure that the existing rules are used by deserving businesses, not second home owners looking for a tax avoidance loophole. For more information visit: HM Revenue & Customs - Furnished Holiday Lettings in the European Economic Area Valuation Office Agency - Business Rates 2010 Revaluation English Association of Self Catering Operators Or contact: Lynne Finnigan, Business Adviser, Tourism and Leisure Business Link East Email: L.Finnigan@businesslinkeast.org.uk www.businesslink.gov.uk/east Business Link services are funded by the UK government and our advisory services are provided free of charge to any East of England based business with less than 250 employees. |
| EDP Tourism in Norfolk Awards update |
 Judging is now complete, with the finalists announced in the EDP Saturday 17 October. This year’s award ceremony will be held at the Holiday Inn (Airport) in Norwich on Friday 20 November. Ticket prices remain the same as last year at £47.50 plus vat per person. Come along to one of the best Tourism events of the year and cheer your colleagues on or offer commiserations and support the industry. The Awards are sponsored by The Target Group and supported by Norfolk Tourism. To reserve your tickets contact Julie Brown on Norwich 01603 772156 or email julie.brown@archant.co.uk |
| Norfolk Triumphs at East of England Tourism Awards |
 Norfolk businesses won seven out of 15 categories at East of England Tourism’s Enjoy England Awards for Excellence staged at Ickworth House on 29 October. Incleborough House, East Runton triumphed with two awards, B&B plus self-catering for Stable Cottage.BeWILDerwood was crowned best large visitor attraction and Broad House Hotel, Wroxham picked up best small hotel. Deepdale Leisure, Burnham Deepdale won the sustainable tourism category and Park House Hotel Sandringham won the access for all category for the second year running. Deers Glade Camping and Caravan Park, Hanworth was awarded Caravan Park and Holiday Village of the Year. |
| National achievement for Park House Hotel |
 Congratulations to Tess Guilder (General Manager) and her team from Park House Hotel, which received a special, Accessible Tourism for All award at the annual luncheon of the British Hospitality Association held in June.Commenting, Tess said that she and the team at Park House were “blown away” by the award. “It is such an honour for all of us to be recognised by the British Hospitality Association and Tourism for All. Accessibility and recognising people’s needs continues to be a high priority in all walks of life, but especially in the tourism and leisure sector. To receive such an award among several hundred of my peers was an emotional experience, and I thank all the team at Park House for their hard work, dedication and continuing support." Image: Park House Hotel Manager Tess Gilder (right) presented with the award by Boris Johnson, Mayor of London and Jennifer Litman MBE, Chief Executive Officer of Tourism for All |
| Keep Me Updated |
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| Time for Tourism Autumn 09 articles |
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