I have been renting out a property for a number of years. The tenants have left and I am now selling the property.
When calculating tax relief on rental expenses (e.g. insurance premium, management company fee) for the final year, are allowed expenses calculated pro rata for the period until the tenancy ended OR can I claim full relief if the expense was incurred during the period of the tenancy? For example, if I paid insurance for a year 6 months before the tenancy ended, can I claim relief on the full premium or just 50% of the premium?
When calculating tax relief on rental expenses (e.g. insurance premium, management company fee) for the final year, are allowed expenses calculated pro rata for the period until the tenancy ended OR can I claim full relief if the expense was incurred during the period of the tenancy? For example, if I paid insurance for a year 6 months before the tenancy ended, can I claim relief on the full premium or just 50% of the premium?