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Residential property finance costs
JPin
Posts: 188 Forumite
in Cutting tax
Hi, I am doing my tax returns and wondered what this field relates to. Is it interest I paid on the mortgage of a rental property or on my own property?
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Comments
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It would never be on your main home. Do you rent out a property - you need to be careful into which box this is entered as relief is now only available as a tax deduction at 20% rate.0
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Yes I rent out a property.[Deleted User] said:It would never be on your main home. Do you rent out a property - you need to be careful into which box this is entered as relief is now only available as a tax deduction at 20% rate.0 -
Well - if you pay interest on a loan associated with purchase of the property it goes into the box that you indicated.
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As in the mortgage interest?[Deleted User] said:Well - if you pay interest on a loan associated with purchase of the property it goes into the box that you indicated.0 -
That is the main finance cost, yes, but it also includes remortgage fees, for example.0
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