Autumn Statement – Purbeck Personal Guarantee Insurance Calls for Tax Relief Reinstatement for Landlords
November 2023: As property rental prices reach record levels according to the latest ONS data, Purbeck Personal Guarantee Insurance is urging the Chancellor of the Exchequer, The Rt Hon Jeremy Hunt MP to reinstate the ability of landlords to set the full amount of mortgage interest against rental income, before tax is calculated. Currently, all of the rental income made from a property is taxed. Landlords can claim back mortgage interest costs but only up to the basic income tax rate of 20 per cent. The restriction of buy-to-let mortgage tax relief, also known as Section 24 can be avoided if a buy to let mortgage is taken in a limited company structure but this type of mortgage can be more expensive and often requires the landlord to sign a personal guarantee.