The Government Is 'Wiping Out The Buy-To-Let Economy'

Philip Hammond’s failure to reverse George Osborne’s deeply unpopular tax reforms will have far-reaching implications for the buy-to-let industry, it has been predicted. Government plans to strip buy-to-let landlords of mortgage interest tax relief will have a “detrimental impact” on households up and down and the country, according to David Hannah, principal consultant, Cornerstone Tax. From next month, landlords will start to lose the right to tax deduct their mortgage interest costs at the rate they pay income tax - currently up to 45%. Instead, they will see this fall over the next three years and replaced with a 20% tax credit. Hannah has criticised the move, claiming it will result in rent increases for tenants across the UK. Read more on the Home website.