Something in the July 15 budget for buy to let owners
Two aspects of the latest budget will have a significant affect on any of the (now) thousands of buy-to-let landlords. Most people are now aware that tax relief will no longer be given at the higher rate on mortgage interest. However, the other big change which some people may not be aware of is the removal of the 10% wear and tear allowance for furnished lets from the 1st of April 2016. From then on it will only be possible to claim for actual expediture incurred.