The tax treatment of furnished holiday properties appears inappropriately generous and could encourage houses to be locked away to save thousands of pounds in taxes.
The Treasury Select Committee has published a report into tax reliefs which calls for regular reviews and the removal of some.
HMRC’s initial data into R&D tax relief claims shows significant underestimates in previous calculations of fraud and error in the schemes.
The amount of tax lost in the 2021-22 financial year was 4.8% of the total tax owed, the same figure as the previous year.