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Landlords used to be able to deduct 100% of their mortgage interest when calculating taxable profit.  In April 2017 this was reduced to 75%.

From 6 April 2018, landlords will only be able to offset 50% of their mortgage interest against profits. 

This will continue to decrease until the relief is phased out entirely by 2020.

Instead, landlords will be able to claim a 20% tax credit on their mortgage interest.

To learn more, please visit https://www.gov.uk/government/news/changes-to-tax-relief-for-residential-landlords.

 

Helen Fielding

19 March 2018