Property Income Allowance
The Property Income Allowance is a flat £1,000 tax-free allowance that you can use to pay less tax on your rental income.
What you need to remember about the Property Income Allowance:
- if what you earn from renting out a property is under £1,000 per year, you don’t even need to declare this income
- you can also use it if your rental expenses are under £1,000
- if you own the property jointly with a spouse, civil partner, or even a friend, you both get £1,000.
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