With rising interest rates, how does Section 24 mortgage interest relief restriction impact my taxable rental income as a higher-rate taxpayer?
Quick Answer
Section 24 restricts mortgage interest deductibility for individual landlords, replacing it with a 20% tax credit. For higher-rate taxpayers, this increases taxable rental income and reduces net profit, particularly with current high interest rates.
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Discover how Section 24 impacts higher-rate taxpayer landlords. Learn about increased taxable income, reduced profits, and strategies to navigate this tax restriction.
This question is part of our Tax & Accounting category, providing expert guidance on UK property investment.
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