Rushen MHK Phil Gawne says new tax rules on mortgage interest are designed to end government support for those buying lots of properties to rent out.
He says many first-time buyers are squeezed out of the market by individuals who buy multiple houses – and those landlords could claim tax back from their mortgage interest.
But from now on they’ll have that interest relief capped at ?250,000, a move Mr Gawne (pictured) says will end what was effectively a government subsidy.
He says he understands the moves won’t earn much for the Treasury, but he thinks it’s the right thing to do (audio file attached):
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