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Where Taxpayers and Advisers Meet

Allowance for property repair

Zebturner
Posts:1
Joined:Tue Jan 28, 2020 10:06 pm
Allowance for property repair

Postby Zebturner » Tue Jan 28, 2020 10:15 pm

Hi, I own a half share of my mums old house which my sister and I want to rent out. 2 questions.

1. Do we each get the £1000 tax allowance on half the income.

2. I need to repair the garage roof which is hanging off and is made from asbestos, I assume this will be an allowable expense so the £3000 we need to pay will come off the income too eg 6000 income from rent for the year = 3000 each to me and my sister -1000 allowance each - half the cost of the repairs so -1500 = 500 income for the year but... what if I have it repaired early feb and no tenant till april(next tax year) can I still deduct the cost of the repairs. Theres no tenant in this financial year.

Thanks for any help

Eddy

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Allowance for property repair

Postby maths » Wed Jan 29, 2020 5:21 pm

1. Does your sister own part of the property?

2. Have you/sister let the property out before ?

3. The property allowance (£1,000) is available to each of you. However, you cannot claim the £1,000 and the £1,500.


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