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Changes to HMRC Landlord Tax Allowances

Friday, March 1, 2013 Posted in: Landlords

Changes in the way HMRC will view expenditure on rental properties for Tax purposes is likely to make the 10% wear and tear route more attractive. It would appear that from April 6th 2013, landlords will no longer be able to claim for replacement of furniture.

Current regulations allow for landlords to claim for replacing broken items as long as it is on a like for like basis, but next tax year repairs only will be allowable. After 5th April, the wear and tear allowance (10% of rental income less utilities costs and council tax) will be the only allowance available, and only on fully furnished property, so landlords of unfurnished or partly furnished residential accommodation will not be able to claim any relief at all for replacing furnishings. 

From 6th April, in addition to the wear and tear allowance, the cost of replacing or renewing integral fixtures may also be claimed against rental income. Integral fixtures are those that would not normally be removed if the property were sold (baths, wash hand basins sinks etc)

If you require further information on this topic have a look here.

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