Remortgaging to buy abroad

[distant dreamer]

Hi

We are considering buying a property abroad (Egypt), to use partly as a holiday home but mainly to rent out.

If we remortgage our current property in the UK in order to raise the finance for our proposed purchase, when completing our tax form would we be able to offset the interest paid on the new property against any income from renting it out.

Thanks for your help

[King_Maker]

Yes.

I assume you have reviewed the following aspects, if relevant :

1. Egyptian Income Tax

2. Egyptian CGT.

3. Egyptian IHT.

4. Egyptian property taxes.

5. Egyptian Inheritance laws.

6. Purchase of Egyptian assets by foreigners.

7. Confirmation of good Title.

[distant dreamer]

Thank you.

Yes we are certainly looking into these.