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Morgage Tax Relief

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Up to now, people buying to let have been able to claim tax relief on their mortgage interest payments at their marginal rate of tax. This means that a basic rate taxpayer would get 20 per cent tax relief, but those at a higher rate would receive 40 per cent relief, while top-rate taxpayers could claim 45 per cent.

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Mortgage interest tax relief prior to 2017. The old system meant that you would only pay income tax on your net rental income, or profits. In other words, you’d first deduct the interest from the mortgage on your rental property, as well as other expenses incurred throughout the year.

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 · "The Treasury and Resources Department’s thinking is that this current level of mortgage interest tax relief does not represent equity and fairness in the tax system. At the level of £400,000 it is effectively a tax subsidy for property ownership at the.

Mortgage interest relief is a tax relief based on the amount of qualifying mortgage interest that you pay in a given tax year for your principal private residence (your home). A tax year means the period from 1 January to 31 December. Mortgages taken out after 31 December 2012 do not qualify for mortgage interest relief. Changes in 2018

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A mortgage used to purchase your main residence is not a business loan, and consequently, no mortgage interest tax relief is available, but a loan taken out to fund a property letting business is a business loan and the mortgage interest is an allowable expense that can be set against rental income.

Bankrate provides a FREE mortgage tax deduction calculator and other mortgage interest calculators to help consumers figure out how much interest is tax deductible.

Owning rental properties offers quite a few tax perks, from claiming ongoing expenses and depreciation to taking a deduction for mortgage interest.

A tax deduction reduces your taxable income. That means if you made $80,000 during the tax year and claimed $20,000 in deductions, then.