Property Rentals – new relief for replacement of domestic items

July 05, 2016 | by Sian Kelly | No comments

Until the end of the 2015/16 tax year, landlords letting furnished properties were able to claim an automatic deduction of 10% of net rents to cover the cost of replacing fixtures and fittings. The relief was only available in respect of furnished lettings and it was available regardless of whether any money was actually spent on replacing items.

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Common expenses that you can set against your rental income

May 24, 2016 | by Sian Kelly | No comments

The Chancellor appears to have it in for landlords at the moment. There is the stamp duty land tax supplement of 3% on purchases of second and subsequent residential properties where completion is on or after 1 April 2016, the restriction in interest rate relief from April 2017 onwards, and the failure to benefit from the cut in capital gains tax from 6 April 2016.

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