Trustees and Residential Property

Trustees and Residential Property

The government has tabled amendments to the Finance Bill extending the restriction on interest relief on let residential properties to the trustees of discretionary or accumulated income settlements.

Interest paid by the trustees property business will be restricted to the basic rate insofar as the trustees are entitled to its income.

The extension may not affect most trustees of such trusts on the grounds that they will probably have acquired the property by way of gift and free of mortgage

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