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Hi.
I am part of a campaign group against the ‘tax grab’ on ‘private’ landlords with BTL mortgages in the UK. As part of this I have been asked to look into how many Spanish-based UK landlords might be affected. If you are not aware of what Clause 24 of the Finance Act 2015 means for you, you should urgently look into this. Incredibly, from April 2017 onwards the money you have paid to your mortgage lender will be redefined as part of your profit and you will be taxed on it. For landlords owing a lot and/or who have additional UK incomes this is very bad news. I am particularly interested in hearing from those who will be affected and also from anyone who has data on the number of landlords in this category, living in Spain. Thanks.
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Just to clarify Ros, you’re talking about British residents who are tax domiciled in Spain and own UK property with BTL mortgages? So this is UK law that’s changing that increases UK tax liability? So it’s non specific to Spain? What about wider EU tax domiciled? Or globally tax domiciled? Can you also explain (or link appropriate articles) the mechanism of how mortgage payments are considered profit. Many thanks
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