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you can still dont pay tax on repairs and any agency fees.
The taxable income from the property is £income - £costs except finance costs . So kinda yes.
it's a mess, frankly, and they only got away with it because people don't feel sorry for people who own more than one residential property.
Howard-
Really? I think it's actually a pretty decent solution.
People who are just using massive interest only mortgages they can't afford who are pushing up the property prices have to sell up, and have a few years to realise it.
Circumstantial landlords with one rental who are on repayments or very small mortgages aren't too affected.Still doesn't stop the big residential companies, but with a Tory government we we're never going to see anyone go after them.
laner
I may be wrong ( i hope not) but you can still dont pay tax on repairs and any agency fees.
So just work out assumed rent profit after those, take away 40 percent. If that doesn't cover your mortgage then you're in trouble.