What's the process for calculating the 20% basic rate tax credit on mortgage interest under Section 24, and where exactly does this appear on my self-assessment tax return for multiple properties?
Quick Answer
Section 24 restricts mortgage interest deduction; instead, a 20% basic rate tax credit is applied against your income tax liability, calculated after total taxable profit on your self-assessment.
About This Topic
Learn to calculate the 20% basic rate tax credit on mortgage interest under Section 24 for multiple properties. Understand where it appears on your UK Self-Assessment tax return (SA105, Box 26) and how to manage the limiting factors to ensure tax compliance and optimize your profitability. Get expert guidance for landlords.
This question is part of our Tax & Accounting category, providing expert guidance on UK property investment.
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