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Income Tax: Landlords

HM Treasury written question – answered on 27th February 2017.

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Photo of John Healey John Healey Shadow Secretary of State for Housing

To ask Mr Chancellor of the Exchequer, what assessment he has made of how many landlords will be (a) affected by, (b) exempted because they are a corporate landlord and (c) exempted because they fall into another exempted group from the restriction on the ability to deduct loan interest and other financial costs as an expense against income from residential property to the basic rate of income tax announced in Summer Budget 2015.

Photo of Jane Ellison Jane Ellison The Financial Secretary to the Treasury

The restriction of finance cost relief to the basic rate of income tax will reduce the tax advantage landlords have over homeowners in the property market, and will ensure all individual landlords receive the same rate of tax relief on their finance costs. HM Revenue and Customs estimates that 1 in 5 landlords will pay more tax as a result of this measure.

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