We present the linear theory of two-dimensional incompressible magneto-Rayleigh–Taylor instability in a system composed of a linear elastic (Hookean) layer above a lighter semi-infinite ideal fluid with magnetic fields present, above and below the layer. As expected, magnetic field effects and elasticity effects together enhance the stability of thick layers. However, the situation becomes more complicated for relatively thin slabs, and a number of new and unexpected phenomena are observed. In particular, when the magnetic field beneath the layer dominates, its effects compete with effects due to elasticity, and counteract the stabilising effects of the elasticity. As a consequence, the layer can become more unstable than when only one of these stabilising mechanisms is acting. This somewhat unexpected result is explained by the different physical mechanisms for which elasticity and magnetic fields stabilise the system. Implications for experiments on magnetically driven accelerated plates and implosions are discussed. Moreover, the relevance for triggering of crust-quakes in strongly magnetised neutron stars is also pointed out.