Hi all,
I own a residence in France that was a holiday home and is now being rented out in a long term, fully furnished rental. I'm concerned about UK tax when depreciation allowance in France means that they will charge me no tax this year.
It's the first year and only covers a partial year of rent. There were significant expenses in readying the property and repairs during the first 6 months of tenancy.
I've discovered that the depreciation value (a percentage of the property value and a function of it being a furnished let) is greater than the rental income.
I'm advised by French accountants, that there will be no tax to pay in France because of that depreciation. So, I don't think I'll get any tax credit to offset the implications in the UK Income tax declaration.
Question is:
Will HMRC recognise the expenses that I DID have to pay and allow me to offset that against my income?
Thanks.
b.
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