new tax implications for low income landlords

Crashy_Time

00ec25 wrote: »

Crashy, given you are such an "expert" on spotting investments how come you have not yet contributed your random google quotes to this thread? Surely a much better proposition than property if you truly believe in your own nonsense and follow your own advice? (though I doubt it as you run away as soon as there is a chance you might make money)
https://forums.moneysavingexpert.com/discussion/5647436

London rents are falling, there is nothing random about it. Start Up`s are just BTL/London new build for rich guys IMO, people kidding themselves that they have some knowledge that other investors don`t have. Don`t recall ever saying that I was an expert at spotting investments though.

glasgowdan

Crashy_Time wrote: »

https://www.lettingaproperty.com/landlord/blog/2016/12/landlords-fear-a-double-hit-from-section-24-according-to-survey/

This is why nobody on these forums respects you, sorry. That's got nothing to do with the OP, and it totally unhelpful.

You DO realise that you've done it all yourself?

martindow

OP, it is not good form to delete posts as you've done as the thread doesn't make much sense. It could be useful to other people and posters have taken the time and trouble to reply and discuss.

Here's the OP:

hi all
i apologise for asking what should be a simple question, but i just cannot get my head around the new tax rules for landlords.

scenario: my partner (soon to be my wife) owns in her own name a flat that we rent out. the present interest only mortgage was raised against my own property some 4 years ago to finance this purchase.

mortgage is for £218k interest only over 17 years costing at present £353pm (fixed rate finishes end of may). rental income is £975pm. my partner works only part time and earns circa £11k pa.

would we be better off paying off this mortgage (i can raise funds to do this) or should we remortgage at the low rates available for the next few years? i am not sure how to work out her tax liabilities with regard to claiming the interest only mortgage repayments against the rental income in light of the rule changes recently introduced.

many thanks for advice.

00ec25

tonygold wrote: »

hi all
i apologise for asking what should be a simple question, but i just cannot get my head around the new tax rules for landlords.

you have picked up what you wanted to hear but have ignored whether that is right or not

it would appear however that is not the correct answer for your soon to be wife's tax position. Whilst you have not answered the questions that would help sort that out, ignore it at your peril if she claims the interest and HMRC investigate her

Westminster

As martindow has mentioned - it is not good form to edit out your original question as it devalues the responses you received, particularly for anyone else who may have had a similar situation to yours.

Crashy_Time

glasgowdan wrote: »

This is why nobody on these forums respects you, sorry. That's got nothing to do with the OP, and it totally unhelpful.

You DO realise that you've done it all yourself?

It was in response to post #6. Best to let the OP decide if it is unhelpful maybe?