This document summarizes the potential changes to tax rules for furnished holiday lettings in the UK. It discusses the current rules for income tax loss relief, capital allowances, capital gains tax, and inheritance tax as they apply to furnished holiday lettings. It notes that the definition of a "trade" is unclear in tax legislation and relies on case law. The document outlines options the government may take, including keeping existing rules, tightening rules, redefining "trade", or withdrawing certain tax breaks. It concludes with an update on lobbying efforts and a question and answer session.