PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Is 'life cover' tax deductable on a CTL property?

ibz75
ibz75 Posts: 117 Forumite
in House buying, renting & selling
Just wondering if any policies taken out to protect a property with CTL would be tax deductable e.g. life cover, mortgage protection, rent guarantee etc.

Thanks.

Comments

  • martinsurrey
    martinsurrey Posts: 3,368 Forumite
    ibz75 wrote: »
    Just wondering if any policies taken out to protect a property with CTL would be tax deductable e.g. life cover, mortgage protection, rent guarantee etc.

    Thanks.

    To be deductable it has to be wholly and exclusively for the purposes of the business, in this case rental.

    Life cover isn’t, the mortgage cover isn’t (I assume its linked to you not being able to work), but the rental guarantee is.
  • ibz75
    ibz75 Posts: 117 Forumite
    martinsurrey wrote: »
    To be deductable it has to be wholly and exclusively for the purposes of the business, in this case rental.

    Life cover isn’t, the mortgage cover isn’t (I assume its linked to you not being able to work), but the rental guarantee is.

    Thanks Martin. I had a feeling that rent guarantee would be accepted, but thought since mortgage cover would also be linked to the property, this might be acceptable.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.4K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.4K Work, Benefits & Business
  • 599.6K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture