Section 24 – “the biggest threat landlords have ever faced”
At a time where we are only weeks away from witnessing one of the largest icebergs in history breaking off the Antarctic ice shelf, the UK’s residential letting sector is on the brink of it’s own Titanic moment; yet many landlords are blissfully unaware that they may soon struggle to keep their heads above water.
Section 24 (Section 24 of the Finance (no. 2) Act 2015, to be precise) is a new piece of legislation aimed at restricting landlords’ income tax relief. From April 2017, landlords will gradually no longer be able to deduct mortgage interest or finance costs against rental income. In another anti-aspirational move by this Government, the new law will affect all residential landlords with finance costs, with some of the affected landlords paying more tax.
In a quest to keep landlords afloat, we at Bamboo Auctions, have created a Section 24 Survival Guide, in association with Property Tribes and Rita4Rent. This guide is absolutely free to read and outlines the new law, its implementation and what you can do about it. To read the guide, click here.
If you would like to do some further reading on the subject, there are a few avenues you can explore. You can read a guest blog written by Rita4Rent here, or take a look at the small print itself, on the Treasury’s website.
We wish you a prosperous 2017, let’s hope we avoid that iceberg.
Bamboo Auctions is an online property auction marketplace, working in conjunction with local and reputable auctioneers across the UK. Buyers and sellers can exchange online, immediately at the end of a specified time period. For more information call 0330 088 9659 or email hello@bambooauctions.com
