Friday, 21 October 2016

440,000 Landlords Forced Up Tax Bracket From April 2017

More than four hundred-thousand landlords (22 per cent) who pay the basic rate of tax will be forced into a higher tax bracket from April next year (2017) as planned changes to landlord taxation come in to force. The changes mean landlords will no longer be able to deduct mortgage interest payments or any other finance-related costs from their turnover before declaring their taxable income. However, while 440,000 basic-rate tax payers will be forced into a higher bracket, all landlords could be at risk of seeing their tax liability increase regardless of their existing rate of tax. Read more on the NLA website.

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