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Under Section 24 of Finance Act 2015, landlords that are higher rate tax payers will have restricted relief on mortgage interest / finance costs. The restriction is being phased in gradually as follows:

• 2017-18: The mortgage interest deduction from property income (as is currently allowed) is restricted to 75%, with the remaining 25% being eligible for relief at the basic rate
• 2018-19: 50% mortgage interest deduction and 50% given relief at basic rate (20%)
• 2019-20: 25% mortgage interest deduction and 75% given relief at basic rate
• 2020-21: all financing costs incurred by a landlord will be given as a basic rate tax reduction

So if you would like more information please call Jennifer on 0161 231 9696 or speak with your accountant to get ahead of the tax changes.

 

tax changes for LL

Housing Price Index Regional Trend's.

The Northwest asking price is up 2% on last month with a 4.3% Annual Increase. We have certainly seen big increases in Levenshulme, Gorton, and reddish recently. 

House Price Index Trends

house roof building 1024x698Chancellor updates Parliament on government's plans to build 300,000 homes every year by the mid 2020s.

Philip Hammond updated MPs during his Spring Statement today about the government’s progress towards building more homes in the UK and revealed where and how part of the £44 billion committed to the effort is now being spent.

This includes £4.1 billion being distributed to 44 “forward thinking” local authorities via the government’s Housing Infrastructure Fund to help build more homes, and that £220 million is to be spent on supporting small house builders.

The Chancellor also said that 60,000 first time buyers had been helped on to the property ladder so far by his Stamp Duty changes in last year’s Autumn Budget, which abolished the duty for homes bought by first timers under £300,000.

Philip Hammond also referred to the work of Oliver Letwin MP, who is leading a government investigation into why it takes so long for homes to be built.

The Negociator 13th March 2018

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