I know in the last emergency budget that mortgage interest relief for residential investment properties was reduced to 75%, but when exactly did this kick in? Was it the 1st of January 2009?
I am trying to calculate my pre tax for the tax year 2009.
Thanks papervalue. Just to be clear, this means interest payed up until 07/04/09 can be put 100% against income, and interest after 07/04/09 can be put 75% against rental income??
Thanks papervalue. Just to be clear, this means interest payed up until 07/04/09 can be put 100% against income, and interest after 07/04/09 can be put 75% against rental income??
Where a loan has been used to purchase, improve or repair a rented residential property and the interest on the loan accrues on or after 7 April 2009 (Budget Day), only 75% of the interest on the loan can be deducted as a rental expense instead of the normal 100%. For the purposes of the restriction, the interest is treated as accruing on a daily basis. The date the loan is taken out is not relevant.