When letting property, the aim is to make a profit. However, as recent years have shown, life is unpredictable, and things do not always work out as planned. Where property losses are made, it may be possible to obtain tax relief for those losses.
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The property income allowance allows you to earn a small amount of rental income tax-free each year. It is useful where the rent-a-room scheme does not apply (which is limited to the letting of furnished accommodation in your own home), and removes the need to report small amounts of rental income to HMRC.
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Property that is jointly-owned may be let out. As people are taxed individually, the income must be allocated in order to work out the tax that each joint owner is liable to pay. The ways in which income from jointly-owned property is taxed depends on the relationship between the owners.
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