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  • Tax

    Tax Allowance on repairs to be restricted?

    At a recent  NLA event there was Tax Expert speaking and he dropped a bombshell when he said that there was to be a restriction of £5000 on all repairs & maintenance costs for tax relief purposes. Not sure how the HMRC would police it if this restriction is applied to each property? Surely an accountant would accrue expenditure in connection with all properties held by the landlord?

    Any tax experts out there could can elaborate?

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    Not aware of any such changes. Can you contact that tax adviser to elaborate?

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    Couldn't see anything in that link to confirm the £5k limit. Or was that your point? there isn't a limit

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    Hi

    There is no definitive information on the HMRC website so the person stating there is a cap of £5K is talking nonsense.  Easiest thing to do is ask HMRC for clarification - i.e get it in writing from the "horse's mouth".

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    Ask this "tax expert" & the NLA rep at the meeting both  to kindly point you to a government website stating this (£5 says neither can).

    Having said that, as the Siberian freeze sweeps in with Brexsh*t for the UK economy life is going to become painful for us all, I'd not be surprised about this sort of change to raise more tax ....

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