I'm a new landlord with one buy-to-let. How does Section 24 directly impact my profitability using a standard mortgage, and what practical steps, besides remortgaging, can I take to reduce its effect on my net rental income this tax year?
Quick Answer
Section 24 restricts mortgage interest deductibility for individual landlords, replacing it with a basic rate tax credit. This often reduces net rental income, especially for higher-rate taxpayers, by increasing their taxable income.
About This Topic
Understand Section 24's impact on buy-to-let profitability for individual landlords and discover practical steps to mitigate its effects on your net rental income.
This question is part of our Tax & Accounting category, providing expert guidance on UK property investment.
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