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Summer Budget: Tax relief blow for landlords

Tax relief on buy-to-let interest payments will be restricted to 20% basic rate tax, Chancellor George Osborne has announced in the summer budget.

The changes will be phased in over the next four years.

Osborne said buy-to-let landlords have an advantage, because they can offset mortgage payments against income. He said that has encouraged the growth of buy-to-let mortgages and he wants to level the playing field.

“This is likely to impact many of Britain’s workers who have saved hard and invested in property to supplement their retirement,” said Genevieve Moore, partner at accountants Blick Rothenberg, “We could see a flood of buy-to-lets being sold as squeezed middle bow out of rental market.”

More industry reaction to come later.

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