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Landlords Can Claim Up To £1,500 Tax Allowance For Energy Efficiency

Many landlords are still unaware that they could be eligible for up to £1,500 in tax relief if they improve the energy efficiency of their residential let properties.

The Landlords Energy Saving Allowance (LESA) encourages landlords to make their properties more energy efficient by providing an allowance for the cost of acquiring and installing energy saving items.

The initiative was launched in 2004 but many landlords are still unaware that they can claim the allowance. There are numerous landlords who are still not claiming tax relief under LESA.

Up to £1,500 per individual dwelling can be claimed where energy saving items are installed. For many who own multiple properties it can make a significant difference. This includes landlords who have a number of properties in the same building. For example, if a landlord owns 6 flats in a building and made appropriate energy saving changes to the building, they may be eligible for an allowance for each dwelling of £1,500.

The LESA is only available on qualifying expenditure incurred before 6 April 2015 and is available for both private and corporate landlords who rent out residential property.

The allowance is claimed when completing a tax return and allows landlords to improve properties whilst still being able to deduct expenditure against revenue rather than it being non-deductable expenditure.

Eligible energy saving items under the scheme are loft insulation, solid wall insulation, draught proofing, hot water system insulation, floor insulation and cavity wall insulation. To find out if you qualify for this allowance visit:

http://www.direct.gov.uk/en/HomeAndCommunity/Privaterenting/RentingOutYourProperty/DG_175186