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Yelverton

Property Income Allowance

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    I'm a bit confused about the new £1,000 property income allowance that came in on 6th April 2017

    Can I deduct £1,000 from my annual rental income as well as the usual expenses or do I have to choose one or the other?

    Thanks

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    On 06/04/2018 at 17:37, Yelverton said:

    I'm a bit confused about the new £1,000 property income allowance that came in on 6th April 2017

    Can I deduct £1,000 from my annual rental income as well as the usual expenses or do I have to choose one or the other?

    Thanks

    Hello Yelverton.

    Are you tax resident in the UK or in Australia?

    Where is the property that is being let?

    Best regards.


    Managing Director, Go Matilda Visas - www.gomatilda.com

    Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

    Chartered Accountant (UK, and Australia)

    T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

    E - alan.collett@gomatilda.com

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    Hi Alan

    Tax resident in Australia

    Let property is in the UK

    Thanks

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    This is an allowance for UK tax purposes only, and provides full relief from UK income tax if an individual’s relevant property income (note: gross income, not profit after expenses) in a tax year is less than £1,000.

    It doesn't affect your tax position in Australia, if the UK let property income is also taxable in Australia.

    Hope this clarifies the position.

    Best regards.


    Managing Director, Go Matilda Visas - www.gomatilda.com

    Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

    Chartered Accountant (UK, and Australia)

    T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

    E - alan.collett@gomatilda.com

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