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Is it worth it letting now

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Greenleave · 25/06/2017 15:46

We sold a very old small house which we couldnt maintain and was letting and plan to buy a small flat, easy to maintain and to let. I spoke to my friend yesterday and she said the new tax rule is in process of not allowing landlord to deduct the mortgage interest as a cost and also 10% annual tear and wear allowance. The previous year we were being able to do it. Anyone is currently a landlord and/or plan to do so? It might not worth it to pay extra 3% stamp duty for buy to let and high tax rate for the rent income while not being able to deduct these two basic costs.

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Achoopichu · 25/06/2017 15:48

I think the tax rule is that you can't claim tax relief at 40%, only at 20%. But you can still offset it I think? Only affects you if you are in the 40% band. I think.