Taxes Consolidation Act 1997 section 372H

Rented residential accommodation: deduction for certain expenditure on refurbishment

Section 372H provided a deduction against rental income for expenditure incurred on refurbishing rented residential accommodation in qualifying urban areas, where the refurbished building contained two or more houses let under qualifying leases.

• Allowed landlords to deduct relevant refurbishment expenditure against Case V rental income from the qualifying premises.
• The premises had to be a house of between 38 and 125 square metres used solely as a dwelling and let under a qualifying lease.
• A 10-year relevant period applied, during which the house had to remain let under qualifying leases or the deduction would be clawed back.
• The section was repealed by Finance Act 2002 and the surviving provisions were consolidated into Chapter 11 of Part 10.