In the Summer Budget the Government announced that they intend to replace the current 10% ‘Wear and Tear’ allowance for fully furnished lettings with a system of tax relief based on actual replacements of furnishings.
This new relief will apply to all rental properties, fully furnished, part furnished and unfurnished. At the moment there is no allowance at all available for unfurnished/partly furnished lets since this allowance was removed from April 2013.
HMRC are currently consulting on the new proposed ‘tax relief for replacing furnishings’ system. In order to inform the RLA’s response to this consultation and to accurately represent the views of our membership to HMRC we would be very grateful if you could take a few moments to complete this survey.
N.B Please note that these changes do not affect furnished holiday lettings.