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See how to work out the tax relief for individual landlords and assess the impact of the finance cost restriction from 6 April 2017. 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. How the tax reduction is worked out The reduction is the basic rate value (currently 20%) of the lower of: finance costs – costs not deducted from rental income in the tax year (this will be