Month: November 2019
You’ll already be aware that mortgage interest relief is being progressively restricted to basic rate tax credits. This will only affect those that are higher or additional rate tax payers.
From April next year some other changes will be applied to some tax reliefs that might affect you in certain circumstances particularly if you are renting out a property that you have previously lived in.
The second major change is the inheriting of historical use. Where you used to be able to transfer to a spouse and start afresh perhaps benefiting from private residence relief, from April the historical use will passed on upon transfer which may restrict the private residence relief. Worth some consideration before the end of the tax year.
The deadline for opening a help to buy ISA is 30th November. If you are between 16 and 39, don’t own your own home and haven’t yet opened one of these accounts, now is the time to do it.
You have up to 2030 to claim your bonus so don’t miss out. You only need £1 to open one of these accounts that you can claim up to £3,000 in government bonus for up to £12,000 saved.