Details of wear-and-tear tax changes revealed by HMRC
In the budget delivered by George Osborne earlier this month it was revealed that from April 2016 the formal Wear and Tear Allowance, which allows 10% to be written off for notional wear and tear, will be replaced with a relief on costs actually incurred on replacing furnishings. The scope of this change has been detailed in an 11 page consultation document. An important detail that has been revealed is that the relief will apply to all properties, irrespective of the level of furnishing.
The consultation document can be viewed in full here.
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