Taxes Consolidation Act 1997 section 358

Rented residential accommodation: deduction for certain expenditure on refurbishment

Section 358 provides landlords with a deduction against rental income for expenditure incurred on refurbishing residential property located in a qualifying resort area, where the refurbished house is let under a qualifying lease.

• Allows a deduction against rental income for refurbishment expenditure on residential property in qualifying resort areas
• The house must meet floor area limits and be let under a qualifying lease throughout a 10-year relevant period
• A clawback applies if the property ceases to qualify or ownership changes within the relevant period
• Section 358 was repealed by Finance Act 2002, with relief preserved for existing beneficiaries under section 372AV