The Government's Finance Bill 2016 plans to replace the Wear and Tear Allowance move on to the next stage.
HMRC have published the responses to their consultation paper - Replacing Wear and Tear Allowance with Tax Relief for Replacing Furnishings in Let Residential Dwelling- Houses.
During the 12 week consultation process, HMRC received just 170 responses. 137 of these were from individuals. ( a poor show by us)
So grab a cup of tea and have a read of the published Summary of Responses to Reform to the Wear and Tear Allowance, alternatively grab the iPad and order those last few Christmas presents from your list because, in short, they rejected any concerns about the change, and are to carry on with their plans - unaltered.
HMRC has announced a further 8 week consultation over their newly published draft legislation on the Reform of the Wear and Tear Allowance.
The Government's response -
An updated impact assessment is included in the Tax Information and Impact Note that will be published alongside the draft legislation for this measure.
The Government has published draft legislation for technical consultation today. We would welcome any comments you have on the draft legislation. The consultation will run for 8 weeks.
If you have any comments on the draft legislation, please send them by email, if possible, to wearandtear.replacement@hmrc.gsi.gov.uk.
Alternatively, comments may be sent by post to: Megan Shaw, HM Revenue and Customs, CTIS, 3/64, 100 Parliament Street, London, SW1A 2BQ.'
Other organisations who responded were -
- Association ofAccountingTechnicians
- Association of Residential Letting Agents
- Association of TaxationTechnicians
- AW Tax Service Limited
- British Property Federation
- BKL Tax
- C Phillip Rees & Associates Limited
- Central Association of Agricultural Valuers
- Chartered Institute of Taxation
- Computershare (operator of the Deposit Protection Service)
- Council of Letting Agents
- Crisis
- Deloitte
- Institute of Chartered Accountants in England and Wales
- KPMG
- London Society of Chartered Accountants (Taxation Committee) 17. Mazars
- Mishcon de Reya Solicitors
- National Landlords Association
- Purvis Stevens LLP
- Residential Landlords Association
- Reynolds & Co Chartered Accountants
- Select Accountants Ltd
- Scottish Association of Landlords
- Tax Aid
- Thandi Nicholls Ltd
There was a massive lack of response? Surprise, surprise.
ReplyDeleteWe all knew there was no way that any comments from a minority like landlords would have any sway on the self-interest of politicians.
I think we should start a new campaign; to have a vote for NO elected official at the next general election.
The laws passed these days merely reflect the self-serving whims of which ever party is in power at the time. The laws are either unenforced or unenforceable for the wrongdoers but penalise the law abiding majority.
Take action; demand NO GOVERNMENT at the next general election.
And yes, I'm serious.
As a landlord for 30+ years I'm amazed this wasn't done earlier.Lets face it, if you spend more than your allowance on carpets etc.. then you will gain. For years I've had to discard receipts for carpets and furniture but come the end of the tax year and the 10% wear and tear has nearly always exceeded what I spent. In the long run stopping the relief will cost me so I'll just have to grin and bear it.
ReplyDeleteOn another point: I'd do away with buy to let mortgages altogether. I've seen the way the market has inflated under these and priced first time buyers out of the homes to the profit of those who can afford big deposits to gain lower interest rates.
My single biggest worry is the new single benefit system so that the rent will go direct to the tenant. We all know what happens the!