Section 24 mortgage interest calculator

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FAQ

What is Section 24? Section 24 of the Finance (No. 2) Act 2015 restricts individual landlords from deducting mortgage interest and other finance costs from rental income. Instead, HMRC gives a 20% basic-rate tax credit. See HMRC's Property Income Manual PIM2054.

Does Section 24 apply to limited companies? No. Companies holding buy-to-let property pay Corporation Tax and can deduct finance costs in full as a business expense. See gov.uk/corporation-tax.