Annual value for house property: occupancy, actual rent and tax deductions determine taxable property income. Annual value for house property is the reasonable expected rent or, if actual rent received exceeds that amount, the actual rent; vacancy-related reduced ... Summary
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Annual value for house property: occupancy, actual rent and tax deductions determine taxable property income.
Annual value for house property is the reasonable expected rent or, if actual rent received exceeds that amount, the actual rent; vacancy-related reduced actual rent applies where relevant. Local authority taxes actually paid by the owner are deductible in determining annual value, and unrealizable rent is excluded from actual rent. Owner-occupation or inability to occupy can render annual value nil, subject to exceptions where the property is let or other benefits arise. For more than two houses only two may claim the nil-valuation option; stock-in-trade properties may receive a temporary nil annual value after completion certification.
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