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Self Assessment - New Rules £1000 Free Tax Allowance on Property Rental Income
Leodogger
Posts: 1,339 Forumite
Hi there
I have read that you can claim £1000 against your personal allowance instead of claiming expenses if they amount to less than £1000 but I am wondering if this is still allowed if you share the rental with a spouse and the spouse already gifts you the Married Person's Transferable Tax Allowance of £1190 for 2017-2018 ?
As I understand it the £1000 can be claimed by both parties, is that correct? TIA:)
Our expenses only amount to £435 each against one single rental property so would we be advised to claim the £1000 each if allowable?
I have read that you can claim £1000 against your personal allowance instead of claiming expenses if they amount to less than £1000 but I am wondering if this is still allowed if you share the rental with a spouse and the spouse already gifts you the Married Person's Transferable Tax Allowance of £1190 for 2017-2018 ?
As I understand it the £1000 can be claimed by both parties, is that correct? TIA:)
Our expenses only amount to £435 each against one single rental property so would we be advised to claim the £1000 each if allowable?
0
Comments
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you are taxable on your respective share of the rental profits
you are taxed independently of each other
therefore the £1,000 is available to each person0
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