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Posted Fri, 08 Jul 2022 10:45:56 GMT by zio47
I owe a property which I rented out until September 2021, at which time my letting agent informed me the tenants were leaving, but when they did, they trashed the place. I eventually got an insurance payment to repair the property. My questions are: - Is the insurance payment classed as income? - if so where on the tax return do I declare it? - Is the cost of repairing the property classed as expenses? - if so would I declare this in the Property repairs and maintenance box? Thanks for any advice.
Posted Fri, 08 Jul 2022 15:07:18 GMT by HMRC Admin 28

Yes this income is taxable and shold be included with the figure for the rent that you receive.

For the expenses, you would need to ascertain if they are capital or expenditure repairs to claim the relief.

Guidance is available at:

Work out your rental income when you let property

Thank you.

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