Following this Summers Budget the Chancellor has introduced new rules for residential landlords.
Wear and Tear Allowance
The wear and tear allowance will be replaced from April 2016 with a new relief that allows all residential landlords to deduct the actual costs of replacing furnishings.
Restricting Finance cost relief
The relief on finance costs, e.g. interest payable, which individual landlords of residential property receive, will be limited to the basic rate of tax. This restriction will be phased in over four years, starting from April 2017.
