It has emerged that investors in buy-to-let properties may be able to claim additional tax relief on mortgage interest as the result of a little publicised move by the UK’s Inland Revenue.
The change means that investors who remortgage and take out a larger loan should in future have the ability to claim tax relief on the additional interest, it has been reported.
The Revenue previously rejected such claims unless the new funds were allocated to improving the property.
Maurice Parry-Wingfield of consultancy firm Deloitte noted in a Times report: “The change in practice has slipped through largely unnoticed, so this is going to come as a surprise to many.”
Experts suggest that considerable tax savings may be achieved by landlords through the offsetting of mortgage interest against rental income.
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