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Tax relief in Scotland
JC2003
Posts: 4 Newbie
in Cutting tax
Hi I am thinking about buying a holiday home in Scotland so I can rent it out, I also live and pay tax in Scotland. The holiday home is purpose built holiday home so don’t think you can live there. I would like to know if i take the mortgage out on the holiday home would I get tax relief or would it be better to take mortgage out on my current house which I own outright with no mortgage. Cheers!
0
Comments
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Tax relief on finance costs (the extent of which will depend on your tax rate and whether the property qualifies as a furnished holiday let) to purchase a let property does not depend on where the charge is, so if one would be cheaper than the other, you might prefer the cheaper option. However, if you default on a mortgage secured on your home, that puts your home at risk. I am not aware of any special rules pertaining to Scotland.0
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