Scrapping of Wear and Tear Allowance confirmed by Government
After a twelve week consultation during which only 170 responses were received, HM Revenue and Customs has published the responses it received in relation to the scrapping of the Wear and Tear Allowance for buy-to-let landlords. In light of this, the government has confirmed that it will proceed with the replacement of the current administration of the allowance to a system whereby only actual expenditure will be reimbursed. Draft legislation for technical consultation on how the allowance will be implemented is now being published.
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