Property Allowance

My husband and I are both employed by a company and jointly own 1 property which we rent (unfurnished residential). Our total expenses for 2022/23 in respect of repair maintanance and legal management fees for were £316. Does this mean that we can both claim the £1000 property allowance each instead of claiming expense for this year?

Hi,

If you jointly own the residential rental property with your husband, then you would usually split the income from the property on a 50/50 basis and each declare 50% of the rental income.

You would therefore both claim either the £1000 property allowance or the actual expenses incurred (whichever is more beneficial). 

Tax-free allowances on property and trading income

Thank you.