{"id":2711,"date":"2015-08-03T00:00:00","date_gmt":"2015-08-03T00:00:00","guid":{"rendered":"http:\/\/hebblethwaites.wpengine.com\/index.php\/landlords\/"},"modified":"2015-08-03T00:00:00","modified_gmt":"2015-08-03T00:00:00","slug":"landlords","status":"publish","type":"post","link":"https:\/\/hebblethwaites.com\/index.php\/landlords\/","title":{"rendered":"Landlords"},"content":{"rendered":"<p>\n\t&nbsp;There were a number of measures in the Summer Budget that will impact the taxation of property income. These include:<\/p>\n<ul>\n<li>\n\t\tthe abolition of the 10% wear and tear allowance (see details below);<\/li>\n<li>\n\t\tthe restriction of tax relief to the basic rate (20%) for loan interest on funds raised to purchase residential property for letting. This will be phased in over four years from April 2017; and<\/li>\n<li>\n\t\tthe current &pound;4,250 rent-a-room allowance is to be increased to &pound;7,500 from April 2016.<\/li>\n<\/ul>\n<p>\n\tThe abolition of the wear and tear relief will apply from April 2016. It will be replaced by a new replacement furniture relief. The new relief will be available to landlords of unfurnished, part furnished and furnished properties. The relief will not apply to &lsquo;furnished holiday letting&rsquo; (FHL) businesses and letting of commercial properties, because these businesses receive relief through the Capital Allowances regime.<\/p>\n<p>\n\tThe new replacement furniture relief will only apply to the replacement of furnishings. The initial cost of furnishing a property would not be included.<\/p>\n<p>\n\tUnder the new replacement furniture relief landlords of all non-FHL residential dwelling houses will be able to claim a deduction for the capital cost of replacing furniture, furnishings, appliances and kitchenware provided for the tenant&rsquo;s use in the dwelling house, such as:<\/p>\n<ul>\n<li>\n\t\tmovable furniture or furnishings, such as beds or suites,<\/li>\n<li>\n\t\ttelevisions,<\/li>\n<li>\n\t\tfridges and freezers,<\/li>\n<li>\n\t\tcarpets and floor-coverings,<\/li>\n<li>\n\t\tcurtains,<\/li>\n<li>\n\t\tlinen,<\/li>\n<li>\n\t\tcrockery or cutlery,<\/li>\n<li>\n\t\tbeds and other furniture<\/li>\n<\/ul>\n<p>\n\tLandlords of furnished residential let property considering the replacement of these qualifying items in the current tax year, 2015-16, may be advised to defer expenditure until after 5 April 2016. In this way they will still maximise their claim to the present wear and tear allowance of 10% of rents for 2015-16, and be able to claim the new replacement furniture relief from 6 April 2016.<\/p>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>&nbsp;There were a number of measures in the Summer Budget that will impact the taxation of property income. These include: the abolition of the 10% wear and tear allowance (see details below); the restriction of tax relief to the basic rate (20%) for loan interest on funds raised to purchase residential property for letting. This [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-2711","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/posts\/2711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/comments?post=2711"}],"version-history":[{"count":0,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/posts\/2711\/revisions"}],"wp:attachment":[{"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/media?parent=2711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/categories?post=2711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hebblethwaites.com\/index.php\/wp-json\/wp\/v2\/tags?post=2711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}