Income Tax (Trading and Other Income) Act 2005 section 783BJ

Election for full relief not to be given

Section 783BJ allows an individual to elect out of the automatic full property allowance relief for a given tax year, and sets out the deadline for making that election.

• An individual can choose not to receive the automatic full property allowance relief that would otherwise apply when their property income is within the allowance threshold.
• This election is made on a year-by-year basis and applies only to the specific tax year for which it is made.
• The election must be submitted no later than one year after the normal self-assessment filing date for the relevant tax year.
• Opting out of full relief may be beneficial where an individual wishes instead to deduct actual expenses against their property income, for example where those expenses exceed the property allowance.