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General items

Many of the principles applying to allowable expenses for property businesses are similar to those that apply for trading and the rules for individuals in a property business are generally the same as for companies with some exceptions which are highlighted in the detailed sections below. See also PIM1106 which lists the trading income rules and associated legislative references.

One notable difference in allowable property expenses between individuals and companies is the treatment of interest expenses. Details of the rules for income tax purposes are included in the Deduction of interest against property income ― income tax rules guidance note and the corporation tax rules are set out in the Taxation of loan relationships guidance note.

Note that of the fixed rate deductions for expenses available for the self-employed carrying on trades, professions and vocations, only the fixed