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Landlords of residential properties can now balance the cost of energy-saving items against their taxable profits for calculating income tax. New regulations allow for the acquisition and installation of hot water system insulation, draught proofing, solid wall insulation and floor insulation to be classed as items of an energy saving nature. It is hoped that this financial incentive to landlords will mean more energy efficient rental properties, and it will help tenants too, who should see a reduction in their energy bills.
For landlords, however, there is a cap on the amount of expenditure that can be claimed against income tax: £1,500 per year for expenditure incurred after 5 April 2007. This maximum is now for each dwelling thus allowing for a landlord to take full advantage of the relief within a block of flats.
