Residential Rental income - 10% Wear & Tear allowance

[SYR]

A limited company holding commercial and residential properties, can the company claim 10% wear and tear allowance on residential properties? Are the rules the same as if you were a landlord yourself - disallowed pre-renting expenditure for decoration etc.

Your advice would be appreciated.

[section 44]

The rules are the same for a natural person and a legal person.

[SYR]

Section 44

Many thanks for your quick reply. Much appreciated

SYR

[Incredulum]

You will find the online corporation tax return has no obvious box; HMRC once advised me just to stick it in as expenses.

[SYR]

Is it correct that tax is higher for limited company (investment company?) with rental income compared with tax for individual (non high tax payer)?

[King_Maker]

Is it correct that tax is higher for limited company (investment company?) with rental income compared with tax for individual (non high tax payer)?

The Basic Rate of Income Tax and the Small Profits Rate for Corporation Tax are the same at 20%.