Re: 10% Wear and Tear Allowance - Calculating the net rent

Malcolm wrote:

"Ronald Raygun" <no.spam@xxxxxxxxxxxxxxxxxxxxx> wrote
Malcolm wrote:
"Ronald Raygun" <no.spam@xxxxxxxxxxxxxxxxxxxxx> wrote

The question does not arise, because there is no WTA for holiday lets.

Even for foreign holiday lets?

Of course. Why should foreign holiday lets be any different from
non-foreign holiday lets?

It is not the case, after all, that there is a general rule that WTA
is available for all furnished lets, with UK holiday lets being an
exception.

Rather, the general rule is that all businesses (including all letting
businesses) must account for maintenance/repairs/renewals of business
assets (which in the case of letting businesses includes contents) on
an actual costs basis, and the exception is that, as a concession in
the case of furnished residential lettings only, the WTA method may be
used instead.

Many thanks for explaining that.

More information here:
<http://www.hmrc.gov.uk/manuals/pimmanual/PIM3200.htm>

In particular, for your holiday property you should be able to claim
plant and machinery capital allowances for contents.

.

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