From our experience we are seeing more landlords than expected being affected by this months changes to taxation laws. As from the 1st April the governments new rules on landlords means that they can no longer deduct mortgage interest from their taxable income. As reported by lettings agent news, Axa has carried out a survey which suggests up to 40 % of landlords will be affected, the government had previously anticipated only 18% would be affected. The survey also estimates by 2020 up to 50% may leave the market by the end of 2020, due to interest changes and higher charges for stamp duty. Together with more complex legislation for landlords this is scaring the amateur landlord away. We always recommend using an professional established agent , costs of which can certainly be tax deducted.
Any updates advice please contact David Edwards BSc MRICS MARLA [email protected] 01271329345
