Since the July 2015 budget, the chancellor continues to throw challenges at UK buy to let investors. Clause 24, restricting the availability of interest tax relief, the abolition of the 10 percent wear and tear allowance, changes to stamp duty, and dividends are causing significant tremors in the buy to let sector.
This book builds on Iain's best seller Legally Avoid Property Taxes, which includes 51 tax tips that you should be aware of to legally avoid tax - whether you do your own self-assessment returns or pass everything over to your accountant, he wants to make absolutely sure that you've not left any money on the HMRC table.
This book is a review of the significant changes that have been brought about by the 2015 budget, how you can make sense of these changes, and what you can do to lessen the impact of direct taxation on your property portfolio.
The 2015 budget, and in particular Clause 24 and the tax treatment of loan interest removing tax relief at the highest rates of tax, has made tax changes that will impact you wherever you are on your property journey, and Iain wants to make sure that you don't just stumble across them. Armed with the correct knowledge, these changes can be dealt with.
How you handle a property investor deal with these significant changes, as with anything, in life will determine your success in property. For some there will be massive short-term pain that may require a complete review of why they invest in property, but through that pain will come clarity and long-term gain. Some part-time landlords may now choose to exit the market, and this will help with that decision; for others a bit of tweaking will be all that is required, and for those with large property portfolios potentially some more fundamental changes.
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Excellent summary for Clause 24 actions
- Kenny Marshall