News

Since 6 April 2017, where an individual lets out residential property (other than furnished holiday lets), tax relief for finance costs such as mortgage interest is restricted to the basic rate of tax rather than an individual’s marginal rate. However, the change – aimed at higher and additional rate taxpayers – has knock-on effects for individuals on lower incomes.

LITRG has published a detailed guide called ‘Self-employment – A LITRG guide’ to supplement existing material in the self-employment section. The guide provides more information for self-employed individuals and voluntary sector advisers who help the low-income self-employed. It also explains where to get further help.

From 6 April 2019, income tax is partially devolved from the UK government to the Welsh government. Welsh income tax is not a separate tax. It is administered and collected by HM Revenue & Customs (HMRC) in the same way as UK income tax, as this article explains.