X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Section 24 HQ

    Landlord tax changes: join and share our Action Plan to fight back!

    "we borrow an extra £100k on the mortgages and use this for living expenses"

    You have not incurred the 100k for business purposes so no tax relief
    0
    0

    (30-12-2015 04:34 PM)Bill_Morgan Wrote:  "we borrow an extra £100k on the mortgages and use this for living expenses"

    You have not incurred the 100k for business purposes so no tax relief

    I know this is currently the case Bill but with the new rules it will no longer be a tax relief, simply a rebate against tax so that's the reason for the question. I think this may be a loophole that hasn't been considered.
    0
    0

    I think surely the tax Man just looks at the cost of the debt and tax us I get the refinance every few years and pay the extra tax but can't see the use for yourself?
    Kim
    0
    0

    It doesn't make any difference.To get the tax relief it must be incurred for business purposes.This is a fundamental principle of taxation.
    0
    0

    (30-12-2015 04:54 PM)Bill_Morgan Wrote:  It doesn't make any difference.To get the tax relief it must be incurred for business purposes.This is a fundamental principle of taxation.

    Not sure you're correct bill as tax relief is being abolished. This will now be just a rebate. The tax relief and purpose of loan may not matter.

    Kim, it would be good to hear your accountants view on this and also any other accountants, perhaps RITA?
    0
    0

    Interesting not had the meet yet with my accountants see what they have to say
    But to let is not considered a business though? That's what we have been wanting but considered an investment?? Isn't it
    0
    0

    I will let you know they don't seem too concerned which is why I have put our Lincoln businesses with a property specialist accountants good to have another view .
    Kim
    0
    0