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BTL Interest changes

starM · 2016-12-09 22:07:00

Hi, I am ware from next April there will be changes to mortgage interest to be taken account as allowable expense when completed SA tax returns. I think it will start of 25% and then increase every year. I have been searching online and found it will effect people on higher rate tax - basically who 40%. I am basic rate 20%…

Comments

Pennywise Posts: 13,468 Forumite

13 December 2016 at 9:28AM

CC1982 wrote: »

Just to clarify though, before the rent is calculated as profit and added to my wage, I can deduct the normal expense for repairs, insurance, etc.?

It's only the interest that is changing - other allowable costs continue to be treating the same as deduction from income to arrive at declarable profit.

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