Taxable deductions
The following list contains the most common forms of allowable expenses for UK residents. The list is not exhaustive and may not include all allowable items. Note that some income types only apply under certain conditions.
General
- Contributions into personal pension plans
- Contributions into retirement annuity schemes
- Contributions into employer's pension schemes not deducted at source from pay
- Gross amount of free-standing additional voluntary contributions paid
- Maintenance or alimony payments made under a court order, Child Support Agency assessment or legally binding order or agreement
- Subscriptions for Venture Capital Trust shares (up to £100,000)
- Subscriptions under the Enterprise Investment Scheme (up to £150,000)
- Gift Aid and payments under charitable covenants
- Post-cessation expenses and losses on relevant discounted securities
- Payments to a trade union or friendly society for death benefits.
Expenses incurred in doing your job (employment)
- Travel and subsistence costs
- Fixed deductions for expenses
- Professional fees and subscriptions
- Certain other expenses and capital allowances.
Land and Property
- Rent a room relief.
Allowable deductions from rental income include:
- Rents, rates, insurance, ground rents
- Repairs, maintenance and renewals
- Finance charges, including interest
- Legal and professional costs
- Costs of services provided, including wages
- Wear and tear allowances.
This page was last reviewed on 03 April 2006. The information may not reflect changes in legislation made after this date.
This is only a guide to your tax position and should not be relied on in place of professional accounting or tax advice. Any calculated figures are illustrative and are based on the data you provided.
