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    Furnished Property

    Abolition of 10% wear and tear allowance

    Landlords of fully furnished residential lettings up to 2015-16 were able to claim a deduction of broadly 10% of gross rental income.

    This was to compensate for not being able to claim any tax relief on the capital cost of fixtures and fittings.

    The wear and tear allowance was abolished from the 2016-17 tax year and replaced by a deduction for the replacement cost of any existing capital items such as free-standing fridges, beds, sofas etc.

    Unlike the wear and tear allowance this new relief is also available for partly-furnished properties.

    To claim any replacement costs receipts for the expenditure must be kept and evidence that it is a replacement may be necessary as the relief is not for additional assets only replacement assets.

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