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In Wednesday's Summer Budget Speech, the Chancellor announced with effect from April 2016, the abolition of the 'wear and tear' allowance and replace this with a new relief that allows all residential landlords to deduct the actual cost of replacing furnishings. Capital allowances will continue to apply for landlords of 'furnished holiday lets' .
Therefore, it would be beneficial for landlords to delay replacing old and tired furnishings until after April 2016. It should be noted that whilst the deduction for actual cost of furnishings is to be allowed, it remains to be seen whether the deduction will apply to all expenditure such as white goods.
The government will publish a technical consultation shortly, though if you have any questions in the meanwhile, please do not hesitate to get in touch with the tax team.
Peter undertook business studies at Kingston University after leaving school and then accepted a place working for the Inland Revenue, working firstly at Walton on Thames and then promoted and relocated to Richmond. He was then offered a job with Wilkinson Latham, a small firm of Chartered Accountants, where he had worked for over 27 years and finally became a partner, before joining the tax team at WSM in 2014. In his spare time, you may occasionally find him at Box Hill with his beloved Classic Dragstar Motorbike.
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