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Mortgage interest deduction on rental
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gazzabboi
Posts: 210 Forumite
Hi,
Quick question if anybody can please help.
I started renting my house out last august. Im just wondering for the purpose of filling out my self assessment.
How do you work out the interest I can deduct, as my bank have sent me a certificate of interest for the tax year April 15 to April 16. Do I need to portion this off to August by dividing the figure by 365? Or will HMRC just accept my mortgage interest statement for the whole year?
Its the difference in me being able to deduct £3000 interest or about £2000 (8 months from august to april).
Thanks:)
Quick question if anybody can please help.
I started renting my house out last august. Im just wondering for the purpose of filling out my self assessment.
How do you work out the interest I can deduct, as my bank have sent me a certificate of interest for the tax year April 15 to April 16. Do I need to portion this off to August by dividing the figure by 365? Or will HMRC just accept my mortgage interest statement for the whole year?
Its the difference in me being able to deduct £3000 interest or about £2000 (8 months from august to april).
Thanks:)
0
Comments
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You can only claim the interest for the period you're renting the house out.0
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have you read this?
https://www.gov.uk/hmrc-internal-manuals/property-income-manual/pim2505
if the interest up until Aug relates to a period when the property was still in use by you as a residence then the answer is no, it must be time apportioned between "wholly and exclusively" business and non business.0
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