I seem to remember a discussion sometime ago which unfortunately ended up in a slanging match. However, the discussion was about whether the 10% W&T allowance had been abolished for residential properties. Is it still possible to choose between replacement method and W&T allowance?
Replies (1)
Please login or register to join the discussion.
No
HMRC withdrew the concession for 2013-14 onwards so the 10% claim is now mandatory. To quote:
B47. Furnished lettings of dwelling houses - Wear and tear of furniture. Obsolete. The wear and tear allowance was legislated by The Enactment of Extra-Statutory Concessions Order 2011 with effect from 1 April 2011. The remainder of the concession was withdrawn with effect from 1 April 2013.
Remember the slanging match you refer to that did not really add anything constructive to the debate.