Just a brief query for you all - can you please confirm that I'm correct in thinking that residential landlords have the option to switch between claiming or not claiming the property allowance of £1,000 year on year, depending on which is taxably beneficial to them?
Also - any previous year residential property losses are still able to be offset in a year that a landlord chooses to utilist the property alloance?
Rental income £,5000
Property allowance (£1,000)
Property losses brought forward (£2,000)
Profit to tax £2,000