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Rental taxable income
jnystark
Posts: 6 Forumite
in Cutting tax
Before Apr 2016, landlords were given a wear and tear allowance of 10% of your net rental income. If your maintenance for a particular year exceeded the 10% allowable, if your taxable reduction limited to the 10% amount? Any help clarifying this matter is appreciated, thank you.
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Comments
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It used to be an option to apply the wear & tear allowance or actual costs. I think the wear & tear allowance only applied to furnished properties. Rather late now to be worrying about an allowance that is no more.1
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