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Important news for Landlords!

Posted by DJ Posted on 21 July 2015

In his recent budget the Chancellor announced an important change to the way tax relief is given to residential property landlords for repairing or replacing furniture. (Note that this does not apply to furnished holiday lets.) Currently landlords of fully furnished lets can choose to claim 10% of the gross rents as a wear and tear allowance or claim the actual cost of repairing or replacing furniture. Neither relief is available to landlords of properties let partly furnished. With effect from 6 April 2016 the 10% wear and tear allowance will no longer be given but all residential landlords will be able to claim the cost of repairs/renewals regardless of whether their property is let fully or partly furnsihed. OUR ADVICE is that where possible you should defer repairing or replacing furniture until after 6 April 2016.