Tax relief on property finance costs - interaction with savings and dividend income

The tax reduction for landlords of residential properties now that finance costs are no longer deductible against gross property income is calculated as the basic rate value (currently 20%) of the lower of:

1. finance costs - costs not deducted from rental income in the tax year (this will be a proportion of finance costs for the transitional years) plus any finance costs brought forward

2. property business profits - the profits of the property business in the tax year (after using any brought forward losses)

3. adjusted total income - the income (after losses and reliefs, and excluding savings and dividends income) that exceeds your personal allowance

So, assume we are in 2020-21 (I.e. when the four year phase in completes) - and you have say no employment or pension income, £7k savings income, £12k dividend income, £1k other income, £16k gross rental income. And your property rental costs are £10k finance costs and £6k non finance costs. Assume personal allowance (PA) is £13k.

Hence the figures for 1, 2 and 3 above would be 1. £10k 2. £10k 3. £0 (as property profit of £10k plus £1k of other income does not exceed PA of £13k). Hence no tax deduction would be applicable since 20% of the lowest of these figures is 20% of zero. (Though the therefore unused £10k finance costs can be carried forward to use in future years.)

So, is there a way you can rearrange the order of your income when using your personal allowance such that you fill it first with the savings and dividend income (once allowed for the allowances here) such that it is then your property income that is exceeding the personal allowance threshold thus making the tax reduction applicable?

I am assuming not but just want to double check as I did read something a while ago (not related to property though) about how the taxpayer can choose how to order their use of earned income, savings income, dividend income and hence this is one of the reasons why for some taxpayers the self assessment HMRC online calculator was calculating too much tax because it wasn’t taking into account the ability to change the order.