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The Income Tax (Furnished Accommodation) (Basic Amount) Order 1996
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- 1996 No. 2953
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
By virtue of Schedule 10 to the Finance (No. 2) Act 1992 (“Schedule 10”), gross annual rents from letting furnished accommodation in an individual’s only or main residence are exempt from tax if they do not exceed the basic amount for a year of assessment.
Paragraph 6 of Schedule 10 provides that the basic amount for a year of assessment is such sum as the Treasury may specify by order or, if no sum is specified for a year, £3,250.
This Order specifies the sum of £4,250 for the year of assessment 1997 – 98 and each subsequent year of assessment.
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