interest relief

interest relief

payments byway of interest maybe deductible in computing a taxpayer's taxable income.
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With the aim of obtaining female participation in the field of business and industry, the women who join the Enterprise Sri Lanka programme will be given an interest relief of 10% in addition to 75% interest relief when granting a loan and 15% extra (surplus) interest relief for the specially skilled individuals with a treasury bail will be provided by the Government as decided.
It will not be subject to the forthcoming reduction in mortgage interest relief, nor the additional rate Stamp Duty.
In April this year, a 3% surcharge was added to Stamp Duty Land Tax on purchases of additional residential properties, while the automatic 'wear and tear' allowance on furnished accommodation has also now been removed and mortgage interest relief will be restricted to the basic rate for buy-to-let landlords from next year.
Some of the options to consider include selling off some property in a portfolio to pay off debt and limit the impact of the interest relief restriction.
The removal of mortgage interest relief was the first stage and was followed by hiking stamp duty four months later in the November review.
The restriction of mortgage interest relief for UK buy-to-let (BTL) landlords will, in the short term, curb lending in the sector, which currently makes up 15%-16% of mortgage lending, Moody's Investors Service said in a special report.
Mortgage interest relief has already been withdrawn from new home buyers since 2012.
Mortgage interest relief will be restricted from 2017 onwards and "wear and tear" expenditure will have to be fully accounted for.
Now, mortgage interest relief for buy-to-let homebuyers will be restricted to the basic rate of income tax, phased in over the next four years from 2017.
Meanwhile, Shona Cutler, tax partner at Clement Keys, said: "The move to limit mortgage interest relief for buy-to-let landlords will be concerning for those with larger property portfolios.
BO) (OTC: SBKJY), is planning to offer a one-time special interest subsidy scheme to provide interest relief to students who have taken education loans prior to March 31, 2009.

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