Wear and tear let property expenses


Wear and Tear allowance changesWe are still awaiting the final details of how this new relief will operate following the consultation process.

It is expected that from April 2016 tax relief will be granted on actual replacement purchases made for the rental property(white goods, etc.) – this will be instead of the standard 10% deduction that has been available in the past for wear and tear. Unfortunately it will most likely mean that tax bills increase due to the loss of relief overall.

Once I have the final details, I will let you know how the new relief will operate – it is expected that there will also be a restriction for improvements rather than straight replacements.

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