Property Income Allowance is a tax exemption of up to £ 1,000 per year for individuals with income from land or property. You can deduct the cost of converting household items from your rental income tax when calculating your net profit for the year on which you pay the tax. Property owners receiving rental income may disappear from the recently introduced tax-exempt allowance. If you need to buy a property in the UK, where Hamilton International Estates offers apartments, flats, houses and properties at affordable prices.