I let my former PPR for the first time in November of last year and am wondering about the allowable expense of writing off fixtures and fittings over 8 years (or 12.5% a year, right?).
I'm assuming that as the property was let for only a portion of 2005 most of my expenses must be pro rata'd on my tax return i.e. I can only claim the relief on mortgage interest for the period that the property was let etc.
However, can I claim the full 12.5% relief of fixtures and fitting? Is the 12.5% a calendar year allowance - so I can claim the full 12.5% for the 2005 tax year?
I'm assuming that as the property was let for only a portion of 2005 most of my expenses must be pro rata'd on my tax return i.e. I can only claim the relief on mortgage interest for the period that the property was let etc.
However, can I claim the full 12.5% relief of fixtures and fitting? Is the 12.5% a calendar year allowance - so I can claim the full 12.5% for the 2005 tax year?