Hi
My partner and I have been totally confused about this new Landlord tax and rules around being a landlord, if someone is kind enough to answer me, can you please explain it as simply as possible.
1. Is this correct, next year my partner can only deduct 75% of her mortgage costs against tax owed, the following year 50%, 25% in the third year and finally in the fourth year, nothing, then she has to pay the full 20% tax on the rent, is that right.
2. Cost of any repairs, will she still be able to claim them against tax on the rent or is that also being phased out.
3. Regarding capital gains tax, is this only paid on the difference between the gain and what was originally paid for it, or is there capital gains tax on the total price it is sold for and at what rate will the capital gains tax be. FYI my partner is not in the higher tax bracket.
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