UK Income Tax 2022-2023: Rental Income Calculations

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This discussion clarifies the calculation of Gross Annual Value (GAV) for rental income under UK income tax for the 2022-2023 tax year. It delves into the complexities of determining ERV, FRV, AERV, and ARV, particularly how vacancy loss affects the final GAV. The user is seeking confirmation on the correct proforma and interpretation of rules regarding actual rent received versus standard rent when calculating GAV.

Sujana

Sujana (Querist)
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01 June 2023 URGENT URGENT URGENT
1)ERV highest of 2
FRV MRV
2)AERV least of 2
ERV SRV
3)ARV
Rent received + outstanding rent - in realised rent
4)Highest of AERV ARV selected And
5)Adjusted ARV is ARV - Vacancy lose

Doubt:- *****1)Even after vacancy loss do we need to take Highest of AERV and Adjusted ARV and then it's GAV And
2) in this if we take this condition we should apply ARV = GAV if only due to vacancy and if not GAV = ERV
3)Or else Only after Adjustment of vacancy loss we will have gave
4)Is this proforma right?

Sujana

Sujana (Querist)
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01 June 2023 In case standard rent is given, then gross annual value taken cannot exceed standard rent, so standard rent given is to be taken for our calculations but if actual rent received is higher than standard rent, then
actual rent will be taken for further calculation.
What is the meaning of this sentence?