Asked by: James Wild (Conservative - North West Norfolk)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to paragraph 102 of her Department's response to the Regulating for Growth Consultation, published in February 2024, what her planned timetable is for laying secondary legislation to extend the Growth Duty to (a) Ofcom, (b) Ofwat and (c) Ofgem.
Answered by Kevin Hollinrake - Minister of State (Department for Business and Trade)
The Economic Growth (Regulatory Functions) (Amendment) Order 2024 and Guidance Issued under Section 110 Deregulation Act 2015 were laid before Parliament on 6 March 2024.
The House of Lords debate took place 15 April 2024, and the House of Commons debate is scheduled to take place 23 April 2024. Subject to the legislation being approved, it will come into force 21 days after the day on which it is made (signed by the Minister). We currently expect it to come into force before the end of May 2024.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, with reference to paragraph 5.67, page 75 of the Spring Budget 2024, what assessment he has made of the potential impact of the abolition of the Furnished Holiday Lettings tax regime on the number of businesses that will (a) continue as short-term holiday lets, (b) become longer term rental properties and (c) sell the property in question.
Answered by Nigel Huddleston - Financial Secretary (HM Treasury)
The Government has announced that it will abolish the Furnished Holiday Lettings (FHL) tax regime from April 2025.
The Government will publish draft legislation, explanatory notes, and a tax information and impacts note in due course.
As with all aspects of tax policy, the Government keeps the taxation of property landlords under review and any decisions on future changes will be taken by the Chancellor in the context of the wider public finances.