SA106 : Foreign Income: Property Income Allowance

SA106 : Foreign Income: Property Income Allowance

Full Relief - If your property Income is less than £1000, the property allowance provides for full relief from income tax 

Not only is there no income tax to pay, but also no need to register with HMRC or file tax returns provided property income is below this level. (Turnover not Profit)...

 

Partial Relief - If your property Turnover is above £1000, you can 

  • Deduct your actual property business expenses from your income in the usual way; or
  • Elect instead for the £1,000 property allowance as a deduction from income.

 

If you claim the partial relief you cannot deduct any other expenses, just the £1,000 allowance.

You can decide on a year-by-year basis which approach to take. 

 

To claim your Property Allowance for property abroad on SimpleTax:

1. Click on '+ NEW PAGE' and then select 'Foreign Income (SA106)'


2. Fill in the boxes provided if relevant and then click 'SAVE'

Fill in the boxes provided if relevant and then click 'SAVE'


3. Click on '+ INCOME' and then select 'Land and property abroad' from the drop-down list provided


4. Fill in all of the required boxes including 'PROPERTY INCOME ALLOWANCE (BOX 14.1)' and then click 'SAVE' at the bottom

Fill in all of the required boxes including 'PROPERTY INCOME ALLOWANCE(BOX 14.1)' and then click 'SAVE' at the bottom


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