Mortgage Interest relief change in '09

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Perplexed

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"Where a loan has been used to purchase, improve or repair a rented residential property and the interest on the loan accrues on or after 7 April 2009 (Budget Day), only 75% of the interest on the loan can be deducted as a rental expense instead of the normal 100%. For the purposes of the restriction, the interest is treated as accruing on a daily basis. The date the loan is taken out is not relevant"

Do I divide my annual int by 365 and then deduct 25% on the portion after 7th April or do I have to do this more precicely? The rate changed during the year just to make it more complicated!

How did I not notice this in the budget at the time??

Are there any other changes that I didn't notice?
 
I gave up being exact and worrying about receipts a few years ago. I think if you make a reasonable estimate, revenue will not spilt hairs with you, if in the unlikely event that you get an audit.
 
In addition to the change of only claiming 75% of the mortgage interest, should the 2% income levy also be deducted?
 
I used the formula of 96/365 * 100% and the remainder 269/365 * .75. I am still awaiting the return of my P21 so I'll let you know of any developments.
 
this is a note I wrote to my self when filling out the online ROS form 11......
81.5% of interest is allowable. 100% from 1 Jan '09 - 6 April '09 (96 days of year) & 75% from 7 April '09 - 31 Dec '09 (269 days of year) Enter the restricted amount of interest on the online form269/365 * 75% + 96/365 * 100% = 81.5%
 
Thanks guys. Thing is my interest rate changed a few times during '09, so it's really messy.
Think I'll take your advice DonKing and do a reasonable calculation. I won't be out millions at any rate! I am trying ....they have to give me kudos for that!
 
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