Some 80,000 landlords eyed by taxman in crackdown on abuse of mortgage interest
Accountancy Age, 29 May 2007
Buy-to-let landlords are facing a tax crackdown on mortgage interest they reclaim against their rental income.
The Times says that HM Revenue & Customs has identified 80,000 buy-to-let landlords whose tax affairs may not be in order, and has met senior tax advisers to discuss the situation.
Landlords can offset the interest portion of their mortgage payments against the taxable income, but no more than that.
A spokesman for HMRC was quoted saying: 'We met representatives of the accountancy profession this week for their views on how we can best inform landlords of the obligation to report their property income to us.'
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