financing for a Holiday home?

silvercar

silvercar wrote: »

So a few more hoops to jump through. If it qualifies it means that you can put any losses you make against earned income ie what you spend on the holiday home can be used to reduce your overall tax bill.

If it doesn't qualify it means that any losses can only be put against other rental income and not general income (PAYE, SE or savings).

If you make a profit on the rental then you pay tax on it, but if you are not renting it out that much it will be harder to make a profit.

Thrugelmir wrote: »

Unfortunately not.

Which is what i said! Losses can only be put against other rental income.

latecomer

thanks for the replies. Certainly food for thought. Will take a little time before we are in a position to do anything about this anyway.

will need to investigate the rental market in the area we have in mind to see whether its viable proposition or whether we should perhaps look at something else.