Budget 2. 01. 5 slashes buy- to- let landlords profits over mortgage interest tax relief. Thousands of buy- to- let landlords will see their earnings hit after George Osborne cracked down on mortgage interest tax relief in his summer Budget today. In a move which will 'level the playing field for homebuyers and investors', according to the Chancellor, the amount landlords can claim as relief will be set at the basic rate of tax – currently 2. This change will be phased in over a four- year period from April 2. Currently, landlords can claim tax relief on monthly interest repayments at the top level of tax they pay of 4. Mortgage interest relief is estimated to cost . This year, buy- to- let lending has accounted for more than 1.

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Watching landlords: Chancellor George Osborne announced tax relief changes today - while the Bank of England is keeping a watchful eye on the industry TAX CUT FOR AIRBNB LANDLORDSHomeowners who rent out a room to tourists and lodgers have been given a tax boost. The Chancellor increased the amount a property owner can earn tax- free in rent to .

This amount has been frozen since 1. But from from April 2. In the budget document, it says: 'The current tax system supports landlords over and above ordinary homeowners. Landlords can deduct costs they incur when calculating the tax they pay on their rental income. Hi-Def Area 51 (2015) Movie on this page. A large portion of those costs are interest payments on the mortgage.'Mortgage Interest Relief was withdrawn from homeowners 1. However, landlords still receive the relief.'The ability to deduct these costs puts investing in a rental property at an advantage. Tax relief for finance costs is particularly beneficial for wealthier landlords with larger incomes, as every .

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Phil Nicklin, from Deloitte, said: 'This measure will almost double the effective cost of borrowing for a taxpayer on the highest rate of tax. A landlord who borrows at even a modest level might end up paying more in tax than he makes in profit.'This measure must make buy- to- let investment a less attractive proposition in future and may reduce the options for those who see it as an alternative to a pension.' Adrian Anderson, director of Mayfair- based mortgage broker Anderson Harris, said: 'There had been fears among landlords that relief on mortgage interest payments for buy- to- let landlords would be completely abolished so while the changes will hit higher- rate taxpayers, it is not as bad as it might have been.'It is only fair that there is a more level playing field between first- time buyers and landlords but if this tax break had been completely withdrawn, buy- to- let would have been far less attractive to investors.'Thousands of landlords may well have struggled to keep up repayments on their mortgage or struggle to pay the tax, especially when interest rates rise.'Robert Pullen, manager at Blick Rothenberg Chartered Accountants, said: 'Buy- to- let landlords are now being hit further by a restriction to tax relief on mortgage interest payments.'The new rules appear complex; basic rate tax relief is permitted only and will be phased in. The New Electric Slide (2015) Movie. This may result in a shortage of let properties, or an increase in rental rates charged to compensate landlords.'Gr. From next April, landlords will only be able to deduct costs they actually incur.

The Chancellor also announced an increase in the amount of money homeowners can earn in rent from lodgers before tax. It comes after many campaigned for a higher earning level in the rent- a- room scheme. The level has been set at . Freeing up just five per cent of those rooms would accommodate almost a million people - the equivalent of a city the size of Birmingham.'Encouraging people to take in lodgers could help them avoid repossession when interest rates rise and their mortgage repayments are adjusted.'The threshold has remained unchanged at . Only a fifth of UK towns and cities have average room rents of below that mark, while all rooms in London are way outside of the threshold.'.

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