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Provided that the premises in respect of which the rental income is received are being used for such purposes capital allowances will be granted against the rental income to the same extent that they would be allowed if the lessor was carrying on the trade.
If the rental income arises from residential properties there is no allowance for capital expenditure. However, by concession and subject to the following conditions, certain capital allowances are now to be granted.
Qualifying capital expenditure will follow the normal capital allowances rules. As a guide the first time expenditure on those items listed at 3(a) will qualify.
Expenditure which does not qualify for capital expenditure includes:-
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