Property allowance: contents: definitions: relevant property income
An individual’s ‘relevant property income’ is their total ‘relievable receipts’ for all of their ‘relevant property businesses’ for a tax year as defined by ITTOIA05/S738BC.
See example at PIM4481 for more information.
It should be noted that if any of an individual’s relevant property income in a tax year is made up of receipts from:
A connected employer (see PIM4454)
A connected firm (see PIM4456)
A connected close company (see PIM4458)
then the property allowance will not be available in that tax year.
So if £1 of rent is received by an individual from a connected firm during the tax year, the individual is not eligible for any of the £1,000 relief for that year.
The property allowance will also not be available against the relevant property income of an individual with rent a room income who is not claiming rent a room relief (See PIM4452)