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Want to rent out our home and live in another rented property - TAX?
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and when you claimed 'Unemployment Benefit' (remember that?) the DHSS (rememember them?) would pay your mortgage interest for you too.......bigfreddiel wrote: »Ah yes MIRAS springs to mind here, Anyone remember it?
Mortgage Interest Relief At Source, basically you paid your mortgage from untaxed income. It was al handled by increasing your tax code, and you could have up to £30k mortgage. Doesn't sound like much but you could buy a four bed house in the southeast for £40-50k
Those were the days.0 -
bigfreddiel wrote: »Ah yes MIRAS springs to mind here, Anyone remember it?
Mortgage Interest Relief At Source, basically you paid your mortgage from untaxed income. It was al handled by increasing your tax code, and you could have up to £30k mortgage. Doesn't sound like much but you could buy a four bed house in the southeast for £40-50k
Those were the days.
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Cheers fj
Remember that. Also remember when each person had their own 30k allowance and then one year (1987?) they changed it to 30k per married couple.and when you claimed 'Unemployment Benefit' (remember that?) the DHSS (rememember them?) would pay your mortgage interest for you too.......
They still do to a certain extent - SMI.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I think the government is proposing (if it hadn't already been implemented) to change SMI from a benefit to a loan.0
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Tim Healy the (very fine) actor tried this when using a flat for work only during the week rather than staying in an hotel: He lost, a key case...
http://www.rossmartin.co.uk/sme-tax-news/1570-actor-loses-battle-for-tax-relief-for-accommodation-costs0 -
OP, if the scheme you propose was a valid way of avoiding income tax on rental income, do you not think everyone would be doing it already?
Methinks this has to be a wind-up.No free lunch, and no free laptop
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How very rude of you all, with all of you sitting on your high horses thinking your better than the OP. .. Shame on you all, such snobbish behavior on here.
The OP clearly was looking for help and you are all criticizing him for wanting to use a valid tax avoidance scheme Here or Here."It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Thanks for the helpful replies.
Anyone else see the irony in the replies that are blusteringly incredulous that I could even envisage any sort of relief interspaced as they are with responses about how such relief has been available in the past?
As for how it could ever ever be successfully implemented, how about how it has been implemented before, or at a push, something as simple as the rules on stamp duty - if you only own one property, then it's not a business. If you own more than one, it's taxable income.
Anyway, thanks again. Some genuine help in there.Especial thanks for the tip about mortgage interest.0
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