Dear Tax Experts
I have my own residence mortgage, and recently i have remortgaged and borrow more money from it.
I am planning to use this money to buy another property/or other investment(Funds/Shares), but at the moment, plan is not clear yet. so i saved these money into a saving account, and generate some interest to offset some mortgage cost.
The saving rate is lower than residence mortgage rate, so i would not make any profit from it, it just a way to hold the money and waiting for best opportunity.
So in this case, do I have to pay tax on the interest i earned from saving account? (i am high tax payer, and interest from saving account will be above the 500 pounds allowance).
I have also seen BIM45700! manual from HMRC which seems to able to offset some mortgage interest if you are trying to do a business. but in my case at the moment, i don't have any business yet, and will investment or buying property will be considered as a business?
Thanks a lot for your precious suggestion.
Regards George
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