Landlords: Understand Your Section 24 Tax Position Now (Not Later)

As the tapered erosion of mortgage interest tax relief continues to take effect, it is ever important for individual landlords to take stock of their specific financial positions so that the right preparations can be made. With criticisms by The Institute for Fiscal Studies, The Institute of Chartered Accountants, representative landlord bodies and a broad spectrum MPs all falling on deaf ears, the chance of any kind of Section 24 reversal is currently looking slim. At best, landlords can hope for some form of retrospective exemption – for example, where properties purchased prior to July 2015 (when the legislation was announced) could potentially claim full mortgage interest relief. How Will Section 24 of the Finance (No. 2) Act 2015 Affect My Tax Bill? The magnitude of the impact will entirely depend on what particular tax band a landlord is operating in. In... [Read More]