The Landlords Energy Saving Tax Allowance scheme has been extended until 2015 and now includes individual allowances for HMO’s or Houses of Multiple Occupancy instead of just one allowance per property.
Insulation Tax Relief Multiplier
For any insulation work supplied and fitted by a contractor all Landlords can now claim up to £1500 per individual let room . So,if you have a property sub let to 6 tenants such as students then you can claim up to £9000 tax relief for work carried out to the 6 rooms.
As an example if four rooms abut an end gable wall then the Landlord can claim tax relief of £6000 if the wall has an external insulation system fitted that covers each of the four individual rooms !
In addition there is also a reduced rate of 5% vat on insulation systems so making the possibility of solid wall insulation even more attractive. Plus , the value of the property is also enhanced as a result of the lower running costs for heating and decorating.
A genuine win/win for all concerned. More details on the tax breaks can be found at the Direct Gov website
. THINC Wethertex - Keeping you warm Saving you money