Hundreds of thousands of landlords and their accountants
are digesting the impact of George Osborne’s shock tax change unveiled in the
summer Budget on July 8. The tax increase, on which there was no consultation,
will be phased in from 2017 and fully implemented by 2020. The change was
unexpected, and the new regime is highly complex, so investors and their tax
advisers are only now fully grasping its effects. Many investors remain unaware
of the change, or underestimate its severity. All higher-rate taxpayers who own
buy‑to‑let
properties on which there is a large mortgage will pay substantially more tax.
Some current basic-rate taxpayers will also be hit, because the change will
push them into the higher-rate tax bracket. Read more on the Daily Telegraph
website.
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