Question：Red Ltd, which prepares accounts to 31 March, owns a property which is let for the ten weeks from 1 July 2012 at a rent of £160 per week. The tenants leave at the end of this period having paid only £1,300 of the total amount due.
Red Ltd writes off the outstanding debt. The property is re-let to new tenants on 1 March 2013 for a rent of £400 per month payable in arrears. The company pays interest of £700 during the year ended 31 March 2013 on a loan to purchase the property.
What is the property income assessment for the year ended 31 March 2013?
A. £1,700
B. £2,000
C. £1,000
D. £1,300
The correct answer is: £1,700.
解析：Rental income is normally assessed on an accruals basis. This would equal 10 x £160 = £1,600
However, because £300 of the rent was written off only £1,300 is assessable. In addition £400 is due from the new tenants this gives the total assessment of £1,700. The interest is not a property income deduction, it is dealt with under loan relationship rules as a deduction against non-trading income.
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