It’s about time to have a closer look at what happened in the UK’s property tax world in 2016 and what is about to change in the year ahead. New changes to tax relief for landlords could see many buy to let owners forced into a higher tax bracket from April 2017.
According to the National Landlord Association, more than 400,000 landlords could be affected by the changes, which will mean that landlords will no longer be allowed to deduct mortgage interest payments or other loan repayments related to their rental property from their turnover.
HMRC will phase in the changes, with the percentage of finance costs landlords are able to deduct from their income increasing year-on-year. Find out more. Read the full version from the author’s website.