Skip to main content

This is a new service – your feedback will help us to improve it.

Posted 12 months ago by
I have recieved tax advice from a very big company. They advised against corporation (LTD) until rental profits exceed £50,000 so plan on making initial purchases through personal name/ bare trust. Was advised that I would receive 100% tax relief on mortgage interest Aslong as rental profits stay under £50,000 including mortgage interest, based on having no other personal income. Have since read a lot about section 24 and am now doubting the accuracy of this advice. Can you please confirm or deny the accuracy of this.
Posted 12 months ago by HMRC Admin 17 Response

Hi,
 
Thank you for your query. 'HMRC does not provide tax-planning advice, and we can neither confirm nor deny the accuracy
of the advice you have been given.

Further information on this topic can be found at: https://www.gov.uk/guidance/changes-to-tax-relief-for-residential-landlords-how-its-worked-out-including-case-studies

if you require further advice on this matter, please seek professional help through a financial advisor or accountant.

Thank you. 

You must be signed in to post in this forum.