Buy to let landlords and tax relief on loan interest

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    Buy to let landlords and tax relief on loan interest

    Buy to let landlords and tax relief on loan interest

    Source: Macfarlanes LLP - Investors in buy to let property may be able to claim additional tax relief on mortgage interest following a change in HMRC's interpretation of the rules for deductible business expenses in relation to rental income. Investors who remortgage and take out a larger loan should in the future be able to claim tax relief on the additional interest.

    buy to let rates and buy to let mortgages news
    I am a Fees Free whole market Mortgage adviser, but I accept no legal responsibility for the information I post, except if you request advice privately and Initial Disclosure Document is issued

    #2
    Limited by the value of the property when 'First Let' Equity raised outwith that value can not be claimed against that property. Landlords of multiple properties should be aware that the limit is the total value of the properties when first led as the 'business' is treated as a whole. Regards Peter

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      #3
      This news is about 5 years old...

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      • Stamp duty when changing the beneficial interest share
        Nick88
        My wife and I have a joint buy to let property, where the beneficial interest is split 50/50 and where we're both on the mortgage which is £210,000.

        As she isn't working at the moment and I'm a higher rate tax payer we want to switch the beneficial interest so she has 99% and I have 1%...
        22-09-2019, 22:40 PM
      • Reply to Stamp duty when changing the beneficial interest share
        Gordon999
        Check if your 50/50 ownership at Land Registry is registered under "joint tenants" or "tenants in common" ?

        If it is "tenants in common", no change is required ( and no stamp duty to pay ) .

        Then you can change ratio to 99/1 by using...
        23-09-2019, 00:10 AM
      • Name off title deeds to remove tax liability
        Edgarina
        I am a higher rate tax payer and my wife is not. I have removed myself from the mortgages of the two buy to let properties we have jointly owned and all the proceeds of the properties are now going into an account in my wife's name. Is this enough so I am no longer liable to pay tax on the income from...
        07-09-2019, 13:40 PM
      • Reply to Name off title deeds to remove tax liability
        Kape65
        It looks like I may have this wrong. It appears that the 3% surcharge may no longer be payable for spousal transfers, can anybody verify this?
        22-09-2019, 10:48 AM
      • Second payment on account
        dotcotton999
        Hello all,

        After paying my 2017/18 tax bill I was asked to pay the first payment on account for 2018/19. The first payment was due by the 31st July 2019. This payment goes towards my future tax bill.

        I paid that money owed by the deadline but it hasn’t reduced my 2018/19...
        02-08-2019, 05:58 AM
      • Reply to Second payment on account
        dotcotton999
        I telephoned HMRC... they said usually the amounts are worked out automatically but there had been issues with some accounts because payments on account hadn’t been generated correctly by them

        thanks for all the assistance...
        17-09-2019, 19:46 PM
      • Reply to Second payment on account
        Gordon999
        If you make your tax return online, then you can check the "statement " section showing your payments made to tax office against your own bank statements.
        17-09-2019, 00:01 AM
      • Reply to Second payment on account
        dotcotton999
        There’s me thinking it’s called self assessment...
        16-09-2019, 19:28 PM
      • Reply to Name off title deeds to remove tax liability
        Kape65
        With legislation on linked transactions I would suggest their would be a SDLT liability dependent on the mortgage value transferred. If the joint value amounted to £40k or more then 3% would be payable on the entire amount.
        16-09-2019, 18:58 PM
      • Reply to Name off title deeds to remove tax liability
        Edgarina
        Hi,

        The property value is about 55k each so no stamp duty, the bank had no issues at and didn't even mention it but of course I said I was coning off the deeds too and its via the banks (very expensive solicitors).

        I have had an opinion from an accountant and yes it looks like...
        16-09-2019, 16:13 PM
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