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UK Property - Tax Deductions - Depreciation

UK Property - Tax Deductions - Depreciation

Old Apr 12th 2014, 4:26 am
  #1  
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Default UK Property - Tax Deductions - Depreciation

http://www.gmtax.com.au/2014/04/tax-...tax-deduction/

I recall seeing a number of posts on this forum over recent years enquiring into the ability to claim a tax deduction in Australia for depreciation on property in the UK that is being rented out.

Some may know that if you buy an investment property in Australia it is possible to claim a tax deduction for depreciation on various items in the property, including (frequently) the cost of the building.

This is usually made possible by instructing a Quantity Surveyor who prepares a detailed Depreciation Schedule, which details the various assets in the rental property, and the amount that can be claimed as a depreciation tax deduction on the property owner's tax return each year - the Schedule usually details amounts that can be claimed for many years in the future (assuming you don't sell the property).

Until recently it was not possible to obtain this Schedule in respect of property in the UK - there were no QS's preparing them for property outside Australia.

However, we have recently become aware of a firm with a national presence in Australia that is now able to provide Depreciation Schedules in the UK.

Given that the cost of having a Depreciation Schedule prepared is also tax deductible this seems to be a win win outcome for Australian residents with rental property in the UK!

Hope this is of interest to those with rental property in the UK.

Anyone who is interested in knowing more should feel able to make an enquiry at this webpage:
http://www.gmtax.com.au/contact/

Best regards.
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Old Apr 12th 2014, 8:16 am
  #2  
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Default Re: UK Property - Tax Deductions - Depreciation

Originally Posted by Alan Collett
http://www.gmtax.com.au/2014/04/tax-...tax-deduction/

I recall seeing a number of posts on this forum over recent years enquiring into the ability to claim a tax deduction in Australia for depreciation on property in the UK that is being rented out.

Some may know that if you buy an investment property in Australia it is possible to claim a tax deduction for depreciation on various items in the property, including (frequently) the cost of the building.

This is usually made possible by instructing a Quantity Surveyor who prepares a detailed Depreciation Schedule, which details the various assets in the rental property, and the amount that can be claimed as a depreciation tax deduction on the property owner's tax return each year - the Schedule usually details amounts that can be claimed for many years in the future (assuming you don't sell the property).

Until recently it was not possible to obtain this Schedule in respect of property in the UK - there were no QS's preparing them for property outside Australia.

However, we have recently become aware of a firm with a national presence in Australia that is now able to provide Depreciation Schedules in the UK.

Given that the cost of having a Depreciation Schedule prepared is also tax deductible this seems to be a win win outcome for Australian residents with rental property in the UK!

Hope this is of interest to those with rental property in the UK.

Anyone who is interested in knowing more should feel able to make an enquiry at this webpage:
http://www.gmtax.com.au/contact/

Best regards.
Thanks Alan, I really like the way you give people information without any expectation of something in return, to me that demonstrates great ethics. It's one of the reasons that Scouse and I will be using Go Matilda to help us sort out our Oz and UK taxes when we make the move back to Liverpool.
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