UK Property - Tax Deductions - Depreciation

[Alan Collett]

http://www.gmtax.com.au/2014/04/tax-deductions-in-australia-on-uk-rental-property-depreciation-as-a-tax-deduction/

 

I recall seeing a number of posts on the Poms in Oz forum over recent years enquiring into the ability to claim a tax deduction in Australia for depreciation on property in the UK that is being rented out.

 

Some may know that if you buy an investment property in Australia it is possible to claim a tax deduction for depreciation on various items in the property, including (frequently) the cost of the building.

 

This is usually made possible by instructing a Quantity Surveyor who prepares a detailed Depreciation Schedule, which details the various assets in the rental property, and the amount that can be claimed as a depreciation tax deduction on the property owner's tax return each year - the Schedule usually details amounts that can be claimed for many years in the future (assuming you don't sell the property).

 

Until recently it was not possible to obtain this Schedule in respect of property in the UK - there were no QS's preparing them for property outside Australia.

 

However, we have recently become aware of a firm with a national presence in Australia that is now able to provide Depreciation Schedules in the UK.

 

Given that the cost of having a Depreciation Schedule prepared is also tax deductible this seems to be a win win outcome for Australian residents with rental property in the UK!

 

Hope this is of interest to those with rental property in the UK.

 

Anyone who is interested in knowing more should feel able to make an enquiry at this webpage:

http://www.gmtax.com.au/contact/

 

Best regards.