Landlords given tax incentive for insulation
Residential landlords have been urged to increase the insulation of rental property – and receive the financial benefits in the tax cuts provided by a new scheme.
With the deadline for tax returns imminent, ResidentialLandlord.co.uk reminded landlords that property improvements such as floor insulation and draught proofing could be claimed as a deduction against profits when income tax bills are submitted.
The tax exemption in question comes courtesy of the Landlord's Energy Saving Allowance (LESA) scheme, which looks to provide rental property administrators with an incentive to improving the energy efficiency of their buildings.
As well as floor insulation and draught proofing, a more comprehensive revamp, involving loft insulation, cavity wall insulation and solid wall insulation for hot water systems could be carried out, with deductions of up to £1,500 against profits allowed to be claimed under LESA.
Tenants in expensive London properties could see the scheme help cut their living costs, as registered landlords respond to the incentive and improve the energy efficiency of their properties, consequently lowering tenant energy bills.
Published 10th January, 2008
© 2008 Estates IT Limited
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Residential landlords have been urged to increase the insulation of rental property – and receive the financial benefits in the tax cuts provided by a new scheme.