Are you caught by the dreaded tenant tax or Section 24 tax changes?
I have been speaking with a number of landlords who are affected by the tenant tax or what it’s also known as the Section 24 tax changes.
This is where the conservative government thought it a good idea to no longer allow landlords who own property in the own name to deduct their mortgage interest from rents. How daft is that?
The property business in the U.K. is probably the only business in the world that doesn’t allow interest as an expense...bonkers.
We are working with landlords to help them out of their portfolios so they are no longer suffering the injustice of the tenant tax.
I’d be interested to learn how you have managed to get around it. There are tax schemes to avoid the tax, but I’m not a fan of this. I got seriously stung from HMRC with a tax investment scheme once, so no more of that for me.
What we do is to find creative ways to buy portfolios of property that are legal and above board where the deal struck is a win win. Please add your thoughts.