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  • Tax

    Reduced interest allowance

    Under the new tax regime my nephew has just sold a house in this financial year with an interest  charge of  4,790.00 , he cannot claim all the interest against the rental income, what is the percentage allowed for this year?

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    if hes a 40% tax payer he can claim 25% at full rate, the other 75% at 20%

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    Rather depends if that was his last/only BTL - failing which it will be aggregated with others in same tax year.

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    It would be 25% with the other 75% giving a basic rate deduction. There is a separate box on the tax return for non-deductible finance costs to ensure he still gets the 20% deduction.

    Kind regards,

    RITA4Rent

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    RITA4Rent (Rental Income Tax Advisors)

    Specialists in Landlord Taxation

    Recommended tax advisors of the Residential Landlords Association

    Follow us on Twitter @Rita4Rent

    clients (at) rita4rent (dot) co (dot) uk

    http://www.rita4rent.co.uk