https://help.gosimpletax.com/hc/en-gb/articles/360000807090-How-do-I-show-my-mortgage-interest-Property-Finance-costs-explained-2018-2019
The tax relief that landlords of residential properties get for finance costs is being restricted to the basic rate of Income Tax. This is being phased in from 6 April 2017 and will be fully in place from 6 April 2020.
For the 2018 to 2019 tax year, you can only claim 50% of the cost of getting a loan, or alternativefinance to buy a residential property that you let, and 50% of any interest on such a loan oralternative finance payments.
For the 2018 to 2019 tax year the 50% phased in element of the loan cost is dealt with by a reduction in the basic rate allowance.
On SimpleTax under Property Expenses,
Select BANK RELATED CHARGES
Add the expenses category LOAN INTEREST PAID
Enter 50% of the interest paid
Add the expense category Residential Finance costs not included in box 26
Enter 50% of the interest paid
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