Income Tax (Trading and Other Income) Act 2005 section 308C

Effect of wear and tear allowance election

Section 308C set out the consequences of making a wear and tear allowance election for furnished lettings, but this provision has been removed from the tax year 2016-17 onwards.

• Section 308C was part of a group of provisions (sections 308A to 308C) dealing with wear and tear allowances for landlords of furnished residential lettings.
• These sections were originally introduced by The Enactment of Extra-Statutory Concessions Order 2011, which gave statutory effect to a previously informal tax concession.
• All three sections (308A to 308C) were removed from the legislation by Finance Act 2016, section 74(1)(a).
• The removal took effect from the 2016-17 tax year onwards, meaning these provisions have no application for that year or any subsequent tax year.