Hi, I have some enquiries in regards of the below:
Background
• A Singapore resident ("SG") set up a BVI company ("Company") to hold a UK property.
• There is a loan agreement between the SG and the Company, which shows the SG will lend certain amount of money to the company to purchase the UK property and the Company will make the repayment of principal and interest to the SG every year
• The UK property is renting out and earning rental income
Questions
• Whether the loan interest is allowable for tax deduction in regards of earning rental income
Many thanks in advance.
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