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Interest Deductibility and New Builds - does the Draft Legislation Stack Up?
On 28 September 2021, the Government released their draft legislation for amendments to interest deductibility legislation and how new builds will be treated for bright-line tax purposes.
Limited guidance on Interest limitation rules
On 10 June the Government released their discussion document “Design of the interest limitation rule and additional bright-line rules”. The discussion document provides details on the proposed interest limitation and bright-line rules, following the 23 March 2021 announcements.
The Family Home Can Still Attract Bright-line Tax
“Our target is not the family home. ” Whilst that might be true, it is not entirely the result achieved. If you’re selling your main home, you don’t have to pay tax on the sale.