"They instead chose to focus on supporting landlords by providing 100% mortgage interest relief
and a possible Capital Gains tax break at committee stage of finance bill.
The maximum rate of tax is only 20 per cent (potentially reducing to 17 per cent from 2020) and full mortgage interest relief
Those affected may also qualify for tax deductions depending on the severity of the flooding, Lai said, adding that where homes need to be rebuilt, homeowners can also apply for loan interest relief
Under the General Program, taxpayers are generally entitled to 100 percent penalty relief and 50 percent interest relief
for the preceding three years.
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
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has already been withdrawn from new home buyers since 2012.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.