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interest on loan tax return
random44
Posts: 34 Forumite
hi guys,
if i bought a flat under shared ownership and got a loan not mortgage for paying for my share. can i offset the interest on the loan against the profit?
technically i own part of the property and it is rented
i know you can do this with mortgage
thanks
if i bought a flat under shared ownership and got a loan not mortgage for paying for my share. can i offset the interest on the loan against the profit?
technically i own part of the property and it is rented
i know you can do this with mortgage
thanks
0
Comments
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...
technically i own part of the property ....
Can you confirm your name is on the deeds as co-owner??
Was the loan taken out BEFORE 1st tenant moved in?? (If not I don't think you can claim interest paid as business expense...)
Can you prove you told lender you only wanted loan for property letting??
What did you use the £££ for (round-the-world-cruise, 3 weeks of s*x-'n-dr*gs-'n-r*ck'n-r*ll, new car, pay off loan sharks...)
Why wasn;t it a "normal" buy2let mortgage??
Your question should be "may I.." not "can I...".. as clearly you "CAN" fill in property pages of SA with anything you like (eg cost or 3 weeks of s*x....) but the question is, would it pass a HMRC inspection....
Cheers!0 -
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