BUY to let landlords need to be aware of a potential change to the rules regarding the tax deductibility of replacement expenses, such as buying a new washing machine for their tenanted property.
Previously the replacement cost was an allowable tax deduction and was available by extra statutory concession.
This concession has been withdrawn by the Revenue following changes to legislation and it is not clear whether the new legislation will apply in the example above. The Revenue have been asked to clarify this position.
James Clothier, chartered tax adviser with local accountants BJ Dixon Walsh said: "This is yet another reminder that tax legislation is constantly changing and clients need advisers who will keep them informed of changes and put forward innovative solutions.”
Our photo shows James Clothier being congratulated by partner Trudi Routledge on completing his Chartered Tax Adviser exams.
BJ Dixon Walsh are experienced advisers to a number of buy-to-let property investors.
Contact 01823-462400 www.bjdixonwalsh.com e-mail: jclothier@bjdixonwalsh.com
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