HM Revenue and Customs has published the responses it has received to its 12 week consultation on changing the Wear and Tear Allowance for buy to let landlords - only 170 responses were received, 137 of those from individuals.
The government has formally said that, in the light of the consultation results, it is going ahead with replacing the current administration of the allowance with a system whereby only actual expenditure will be reimbursed.
The official HMRC summary of the responses admits that “many respondents expressed support for maintaining a Wear and Tear Allowance, principally because they saw it as simple” but that “a significant number of stakeholders agreed with the Government that the Wear and Tear Allowance was not fair, both as it only applies to landlords offully furnished properties and because it provides relief where no expenses have been incurred.”
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I have never seen a petition come round. If I had I would have responded that it is extremely unfair. The new rules do not represent the loss which will be sustained by landlords. It is unlikely that you will change out furniture for some time but will suffer the reduced appeal to the property when attempting to rent to a new tenant. I have left some lovely furniture in my property since moving out and renting it and will never get that cost back as would replace at a lesser quality. V unfair.
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