In the 2015 Summer Budget, the Chancellor announced changes to the amount of mortgage interest that can be offset for higher rate taxpayers only. At present, higher and additional rate tax payers can claim 40% or 45% tax relief on mortgage interest on buy-to-let properties. The intention is that from 2020 these taxpayers will have their tax relief capped at 20%.
Whether or not these recent changes affect you, there are a number of tax planning opportunities and pitfalls of which you should be aware. Read more