For the 2017–18 tax year onwards, individuals with relevant property income have two forms of relief:

if the individual's relevant property income does not exceed £1,000, the income is not charged to income tax (unless the individual elects otherwise);

if the individual's relevant property income does exceed £1,000, the individual may elect for an alternative method of calculating such income.

This means that individuals with relevant property income of less than £1,000 do not have to declare or pay tax in this income.

Where an individual has losses from their property business, they may wish to elect to still be taxable in order to claim the loss.

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