Landlords could avoid up to £600 of tax by taking advantage of ‘green' tax breaks when upgrading their properties, according to the National Landlords Association (NLA).
The Landlord’s Energy Saving Allowance (LESA) enabled landlords to claim against a maximum of £1,500 per property for the costs of making the property more environmentally friendly. The tax break can be claimed on tax returns for installing draught proofing, loft insulation, floor insulation, cavity wall insulation, solid wall insulation and insulation for hot water systems. If a landlord were to claim the full amount then they could save £300 for basic rate taxpayers and £600 for higher rate taxpayers, according to the NLA. David Salusbury, chairman of the NLA, comments: “LESA is a welc...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes