Part 3Property income
Chapter 5Profits of property businesses: other rules about receipts and deductions
F1Furnished accommodation: wear and tear allowance
308AWear and tear allowance election
1
Where—
a
a person (“P”) carries on a property business in a tax year which consists of or includes a furnished letting, and
b
a dwelling-house that is subject to the letting is eligible in relation to P at any time in the year,
P may make an election (a “wear and tear allowance election”) in relation to the business for the year.
2
A wear and tear allowance election for a tax year must be made on or before the first anniversary of the normal self-assessment filing date for the tax year.
3
In this section and sections 308B and 308C, “furnished letting” means a furnished letting as defined in section 308 but does not include a commercial letting of furnished holiday accommodation (within the meaning of Chapter 6).
4
See—
section 308B for the meaning of “eligible” in relation to a dwelling-house, and
section 308C for the effect of a wear and tear allowance election.
Ss. 308A-308C and cross-heading inserted (with effect in accordance with art. 13(1) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2011 (S.I. 2011/1037), arts. 1, 11(2)