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Posted Sun, 20 Oct 2024 16:32:56 GMT by nihongoirene
I replaced my washing machine with a new one and bought a “5 year care & Repair Guarantee” insurance for my letting property.
Can the cost of the insurance be a deduction of the tax?
If the answer is “Yes”, should I divide the cost to 5 equal parts for 5 different Tax years?
Details are as follows:
Paid £230 for a “5 year care & Repair Guarantee” on 5/11/2023
Case 1 : In tax year 2023-2024, deduction is £230.
Case 2 : In tax year 2023-2024, deduction is £46. Each of the next four tax years deduction is also £46.
Which case is right?
Posted Fri, 25 Oct 2024 13:24:31 GMT by HMRC Admin 13 Response
Hi
Unfortunately, we are unable to provide specific advice tailored to individual circumstances on this forum. This forum is for general queries only and is intended to help you self-serve. 
In this instance we would direct you to the guidance at: PIM2010 - Deductions: general rules: applying the wholly & exclusively rule - HMRC internal manual
Customers with more complex enquiries often engage the services of a professional advisor or accountant and this may be something you wish to consider.
Thank you

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