[ˈmɔːɡɪʤ ˈɪntrɪst tæks rɪˈliːf]
Mortgage Interest Tax Relief is a tax credit that landlords can claim on finance costs of residential properties. It used to be much larger.
Mortgage Interest Tax Relief was a tax deduction for Landlords in the United Kingdom that was gradually phased out from 2017 to 2020.
It allowed Landlords to claim a portion of the interest they paid on their mortgage as a tax-deduction. This portion depended on the homeowner's tax bracket for Income Tax. The relief was only available for certain types of mortgages and only for the mortgage for the homeowner's main residence.
Now, Landlords can only claim tax relief at the Basic Rate of Income Tax on the lowest of the following: profit from rental income, total income, or finance costs.
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