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Offset income tax

Posted: April 27th, 2021, 8:58 am
by MrBeeAt101
Hi,

I have income from a salaried job, dividends, and farmer's rent from a field I own. I'm a higher rate tax payer. I have to make a costly repair this year to a bridge which provides access to the field.

Can I offset the cost of the repair to the bridge against my income? If so, am I limited to offset against the income from the field only, or can I also use it to offset divividend income for example?

If I make the repair this year, do I need to declare it in this tax year's self assessment, or next year's?

Regards,

MrBeeAt101

Re: Offset income tax

Posted: April 27th, 2021, 11:06 am
by genou
MrBeeAt101 wrote:Hi,

I have income from a salaried job, dividends, and farmer's rent from a field I own. I'm a higher rate tax payer. I have to make a costly repair this year to a bridge which provides access to the field.

Can I offset the cost of the repair to the bridge against my income? If so, am I limited to offset against the income from the field only, or can I also use it to offset divividend income for example?

If I make the repair this year, do I need to declare it in this tax year's self assessment, or next year's?

Regards,

MrBeeAt101


Have a look at the guidance here - https://www.gov.uk/government/publicati ... heet/hs251