We have been running a property letting business for 14 years. The properties are held in joint names, which is also a partnership between two brothers. Is mortgage interest deductible under the ‘new’ tax laws on interest relief as we are a business but are not a limited company? 

Arthur Weller replies:  

Mortgage interest is deductible in the same way as for an individual landlord. That is, it is not directly deductible, but a figure of 20% of the interest can be deducted from the final tax bill; see guidance in HMRC’s Property Income Manual at PIM2058.