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Being allowed to deduct 75% of the interest from the rent for tax purposes is hugely attractive. That is far better than MIR. You can have one but not the other.I have to give up my MIR, ....pay tax on any rent above 75% of my mortgage interes
The Tax legislation around landlords was designed more for landlords owning multiple properties and written during the boom years for those with “property empires”.
Both of these points are highly debatable and I am skeptical about these assertions being necessarily true in the general case. In particular the second one really depends on how the numbers crunch down - e.g. rental property figures, job remuneration and benefits, dole payments - and I doubt that such a blanket statement holds up.The Tax system on landlords is so unfavourable it is almost more financially beneficial for me to not take the new job, stay in my PPR, keep my MIR and sign on the dole.
Both of these points are highly debatable and I am skeptical about these assertions being necessarily true in the general case. In particular the second one really depends on how the numbers crunch down - e.g. rental property figures, job remuneration and benefits, dole payments - and I doubt that such a blanket statement holds up.
If this is a case where the owner risks losing a tracker mortgage or paying heavily surcharged interest for the 'privilege' of renting their property, I don't think their assertion would necessarily be that far-fetched.
The Tax system on landlords is so unfavourable it is almost more financially beneficial for me to not take the new job, stay in my PPR, keep my MIR and sign on the dole.
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