4th
Jan 2022
The New Year has now entered into our lives and landlords are reminded of the two new changes ‘gifted’ by the HMRC to them for 2022, before any further announcements are made affecting the private rental sector.
Landlords’ deadline to submit their online self-assessment tax return for 2020 - 21 tax year is Monday January 31st and will be the first that introduces the much maligned mortgage interest tax relief credit full deduction phased in over the past four years. This now means that landlords can now only claim back 20 per cent back from their mortgage interest payments.
However there is at least as ‘cold comfort’ from the last Budget CGT announcement that the new deadlines when submitting returns and paying the tax from second homes’ profits will now come into effect.
The original deadline has now been extended from 30 to 60 days to provide details of profits and pay the tax bill upon selling a buy to let property, and the Chancellor has also stated there would be no further changes to existing CGT rates.
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