Tax Relief on Rental Properties due to relocation

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Tax Relief on Rental Properties due to relocation

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Current tax legislation should be amended to the effect that Tax relief is allowed in respect of the Rental Cost of alternative accommodation against the Rental income from a single Property let due to relocation of the owner taking up employment in another location.

This would enable a more flexible employment market where employees are more able to relocate to where suitable employment exists and maintain a similar life style to that formally held.

Currently if an employee needed to relocate for work away from his own residence and sought to let his existing home and rent a property where he was able to find work he is disadvantaged by between 20 and 40 % of the rental income.

i.e. If Rental income of a 3 or 4 Bed property is £1,000 less Management Fee of 10% = £900
Then tax at say 30% leaves £630 which might secure a 2 Bed flat!

This obviously discourages mobility of the work force, not at all helping with the unemployment figures?

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