Wednesday, July 8, 2015

Ouch – that will hurt!

Profits slashed for buy-to-let landlords in Budget crackdown on mortgage interest tax relief

Tax relief for landlords on mortgage interest payments to fall Will only be able to claim the basic rate of tax - 20% rather than 45% The relief is estimated to cost £6.3bn a year

Posted by hpwatcher @ 03:28 PM (5323 views)
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8 thoughts on “Ouch – that will hurt!

  • This reminds me a bit of the end of dual mortgage interest relief in 1988, which I kind of suspect might have popped the last house price bubble.

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  • Quite a surprising budget in many ways.

    I suspect that surprisingly few LLs pay higher rate tax though. I know tons of cash rich people who use BTL to supplement measly incomes.

    Still, definitely a good thing.

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  • We already have by far the highest rents in Europe so how on earth are they expected to go higher?

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  • What we need next is US style tax relief on mortgage interest payments for owner occupiers, because a roof over one’s head is required.

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  • Captain Tightwad says:

    @4 Nonsense, that just inflates prices again. Anyway, if “a roof over one’s head” is the criterion then why shouldn’t tax relief apply to rent as well as mortgage payments?

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  • letthemfall says:

    At last a small kickback against rentiers. Long long overdue.

    libertas, thought you were against state interference.

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  • “libertas, thought you were against state interference”

    He is. Except when it benefits him

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  • tenyearstogetmymoneyback says:

    libertas said…

    “What we need next is US style tax relief on mortgage interest payments for owner occupiers, because a roof over one’s head is required.”

    Or an old fashioned UK style scheme called MIRAS.

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