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Where Taxpayers and Advisers Meet

setting interest on mortgage against tax on rental

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Helenbarnes
Posts:1
Joined:Wed Aug 06, 2008 3:02 pm

Postby Helenbarnes » Tue Mar 11, 2003 8:43 am

I am trying to decide whether to sell my house or rent it out. I have a mortgage on my house, which is now about 25% of the value of my house, can I lessen the tax payable on rent by the interest on my mortgage?
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Nigel Lord
Posts:518
Joined:Wed Aug 06, 2008 2:18 pm

Postby Nigel Lord » Tue Mar 11, 2003 9:51 am

Helen

If you let out your property, any interest paid in respect of loans taken out for the purpose of purchasing or improving the property should be 100% tax deductable. However, if you increase the loan for some other purpose, relief would be restricted to the proportion relating to the original loan.

If you require any further assistance please do not hesitate to contact us, and we will be happy to act on your behalf.

Nigel Lord
Lord Associates
Taxation & Business Consultants
102 Smarts Lane
Loughton
Essex, IG10 4BS
020 8508 1642 & 07769 931852
lordassociates@ntlworld.com
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