Blanket Wear and Tear allowance will cease next year!

[theartfullodger]

I suspect Gideon Osborne spotted to total tax avoided by claiming the 10% wear-'n-tear and & thought "let's abolish this & get more tax in". And didn't think it through. Last week I was looking at his desk in Dorneywood, his country residence, where he may have sat & thought it up..

I'm really not fussed about this change - and there is **** all any of us (or the LL assocs..) can realistically do to change policy and laws..

[JerzyBalowski]

I let furnished and can easily see 10% of rent being spent on appliances, furniture some years. Keeps the rentable value up too!

[mind the gap]

I foresee an outbreak of LLs buying new kitchen and bathrooms and expensive sofas.

[Hippogriff]

Eminently sensible.

Claim for what is spent.

[AndrewDod]

I don't see this as a "raid" -- so long as Ls will actually be able to claim what they do spend (i.e. replace a washing machine -- claim for a washing machine, fit a kitchen claim for a kitchen ----- and not the recent nonsense of having perfectly legitimate expenses but not being able to claim them and having to increase rents instead to compensate).

[greengirl1]

Blanket Rule from Blanket brain who introduced it.

[JamesHopeful]

I suspect that most devotees of this forum are well aware of this. However, I am surprised that it hasn't been discussed more. It's likely to affect many more landlords than removing higher rate mortgage interest relief.

[Wannadonnadoodah]

Has anyone else heard this?

Yes, and lots of other things that affect me, last Wednesday and Thursday when I read the news.

[mariner]

Little thing last week called The Budget.
George is only abolishing the 10% Allowance for fully furnished properties, so more in line with 'unfurnished' tax rules.

[JK0]

Blanket Wear and Tear allowance will cease next year!

Presumably will only affect landlords that don't supply duvets?

[greengirl1]

I just read in the guardian that from next year landlords will not get a general 10 per cent Waer and Tear allowance but can only claim for the cost of the items that actually sustain damage!

"In a second raid on landlord tax breaks, property investors will also lose the right to automatically claim 10% of the rent against wear-and-tear costs. From April 2016, landlords will only be able to deduct costs they actually incur."

Has anyone else heard this?

http://www.theguardian.com/uk-news/2...f-limit-budgethttp://www.theguardian.com/uk-news/2...f-limit-budget