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Reducing tax liability Buy to Let
gascooker
Posts: 1 Newbie
in Cutting tax
I have an interest only mortgage on my btl. With interest rates being so low at the moment I am making a hefty profit each month, this means next year my tax bill will be higher. If I overpaid to reduce the capital would this also reduce my tax liability? Any help greatly appreciated.
0
Comments
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Rejoice that you are making more money from your BTL.
And, no making overpayments will reduce the capital owed but it isn't tax deductable.0 -
Reducing the capital will also reduce the interest payable each year!£705,000 raised by client groups in the past 18 mths :beer:0
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