House Rental - Allowable Deductions

[jamborock]

Hello All,

I know this is a bit of a long shot - but that's how desperate this situation has become...

I would need to relocate for a new job oppertunity, but for reasons which are a bit complicated I can't sell my family home.

If I rent out my existing family home, is there anyway to offset the costs of renting another home against the rental income I would receive - the thinking on this would be that as without renting another home I couldn't rent out my existing home. Could second home rental costs be considered an allowable expense in order to rent out my existing home?

If not, and I suspect not, I will not be able to afford to relocate as the tax payable on the rental income I could expect on my existing house would make relocating financially impossible.

Thanks for any advice given.

[maths]

Cost of renting a property cannot be deducted against rental income from renting out your own home.

[D&C]

You can't even claim all of the mortgage loan interest being paid on the house you are letting out as a deduction anymore.

Limited to 50% this year, 75% next and 0% the year after.

You can claim a tax credit instead against any rental profits but the change ultimately means you have higher taxable income and can affect things like entitlement to full Personal Allowance and any High Income Child Benefit Charge payable.

If you are a 40% payer, or anywhere close to being one with rental income, you are likely to be affected by this.

[D&C]

Sorry, should be 50% this year, 25% next and 0% in 2020:21.