{"id":419,"date":"2016-01-13T13:00:46","date_gmt":"2016-01-13T13:00:46","guid":{"rendered":"https:\/\/lancasterclements.co.uk\/?p=419"},"modified":"2015-11-30T21:48:57","modified_gmt":"2015-11-30T21:48:57","slug":"are-you-aware-of-the-changes-in-property-repairs-and-replacements","status":"publish","type":"post","link":"https:\/\/www.lancasterclements.co.uk\/are-you-aware-of-the-changes-in-property-repairs-and-replacements\/","title":{"rendered":"Are you aware of the changes in property repairs and replacements?"},"content":{"rendered":"

Are you aware of the changes in property repairs and replacements?<\/h1>\n

\u00a0\"Property<\/a><\/h1>\n

There have been some recent changes to the amounts that can be claimed as repairs or replacements for landlords of residential properties. \u00a0Are you aware of the changes? There are also more changes are on the way. The government is proposing further legislation in this area to be introduced from April 2016.<\/h1>\n

The current treatment of repairs and replacements for residential property lettings is a bit of a mess. The tax relief can depend on whether the property is let furnished, unfurnished or partly furnished. In addition there are different rules for furnished holiday lets.<\/p>\n

The proposals therefore attempt to provide consistent treatment. However, no changes are proposed for furnished holiday lets.<\/p>\n

Partly furnished or unfurnished properties<\/h1>\n

Tax relief is currently given for the repair of a property, such as repainting the inside or the outside of the property. If an \u2018integral fixture\u2019 is replaced, tax relief is also given as this normally constitutes a \u2018repair\u2019 of the property. There is currently no relief for the replacement of furnishings. From April 2016 it is proposed that tax relief will be given for all these items. Examples of integral fixtures and furnishings are shown below.<\/p>\n

Fully furnished properties<\/h2>\n

Tax relief is currently given for the repair of a property and this also includes the replacement of integral fixtures. In addition a wear and tear allowance of 10% of the net rent is given to cover the cost\u00a0of replacement furnishings. From April 2016 the wear and tear allowance will disappear to be replaced with the same replacement relief as described above for partly furnished properties.<\/p>\n

Examples of:<\/strong><\/p>\n

Furnishings<\/strong><\/p>\n