Buy-to-let investors face tax crackdown
Some 80,000 landlords eyed by taxman in crackdown on abuse of mortgage interest
Buy-to-let landlords are facing a tax crackdown on mortgage interest they
reclaim against their rental income.
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.’