Tax blow for buy-to-let landlords

The Chancellor, George Osborne, has delivered a blow to landlords in today’s budget speech by announcing that mortgage tax relief for buy-to-let home buyers is to be restricted to the basic rate of income tax, currently 20%. The measure will be phased in from 2017. The Chancellor has justified the move by quoting a recent report from the Bank of England that buy-to-let properties now account for over 15% of new mortgages which could pose a risk to financial stability.

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