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  • Tax

    Section 24 for under 40% taxrate payers

    Hi, just wondering if someone could clear up the situation. Ive heard the new section 24 wont affect people below 40% tax rate payers, is that correct? So if under 40% rate payer I can still offset all interest against profit?

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    Section 24 will put many lower rate tax payers into the 40% Bracket as the Interest is added to current income, phased in over a few years.You can use this calculator to work out how it will effect you.

    https://www.themortgageworks.co.uk/includ...lator.xlsx

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    Save Money on All of Your Utilities Attract Prospects to Your MLM Business


    No one can offset all interest against rental income from this tax year on. Only 75% can offset be this year.

    Not offseting that interest may move you into a higher band.

    Everyone get 20% tax relief on the interest not offset.

    If you stay a basic rate payer (as I will) that 20% relief will equal the extra tax from not offsetting and you will end up in the same place.

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    You need to look at where S24 puts you in a few years

    Not where you are Now

    Run the Calculator

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    Learn Change and Adapt ?????