We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Self Assessment - New Rules £1000 Free Tax Allowance on Property Rental Income
Options
Leodogger
Posts: 1,328 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
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards