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Landlords to deduct the costs of replacing furnishings.
In response to the government announcement in the 2015 summer budget that it would consult on a measure intended to improve how residential property rental businesses are taxed HMRC have published Replacing wear and tear allowance with tax relief for replacing furnishings in let residential dwelling houses.
The proposal is to replace the wear and tear allowance with a relief that enables all landlords to deduct the costs of replacing furnishings in the property. The initial cost of furnishing a property will not be included.
The new relief will cover the capital cost of replacing items provided for the tenant’s use in the dwelling house such as:
- movable furniture or furnishings such as beds or suites;
- televisions;
- fridges and freezers;
- ...
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