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Tax Glossary

Welcome to our tax glossary. To help you interpret the jargon that you can come across in dealing with your tax, our team of experts have written a brief explanation for hundreds of technical terms. Click on a letter to show entries.

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Wear & Tear Allowance :	A deduction of 10% of the 'net rents' from the furnished lettings to cover depreciation of furniture, fridges etc. supplied with the accommodation. If the accommodation isn't furnished, or only partly furnished, the 10% wear & tear allowance isn't due.

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