Income Tax relief on remortgage interest
|
  |
|
|
| Author |
Message |
euell
Apprentice
Joined: 14 Nov 2005
Posts: 4
|
 Posted: 01/20/08 - 07:41 Post subject: |
 |
|
| I have taken a mortgage some time ago for certain amount of money and bought a flat. It is now even more valuable and I think I could easily remortgage for up to that sum. However, I would like to know whether I can get income tax relief for practically raising the mortgage, or not, especially since I will be buying to let another property. Thanks in advance. |
|
|
Back to top
|
|
|
|
 |
kin
Apprentice
Joined: 08 Dec 2005
Posts: 3
|
| Posted: 02/19/08 - 02:45 Post subject: |
|
|
You are right that letting property can be very profitable, and very lucrative. However, that is only the case when you plan everything carefully. Planning expenses is really one of the key parts of the whole process of arriving to the successfull business. Expenses are not insignificant, and you of course need to pay some tax. When raising your mortgage in order to buy to let, there will be an income tax relief. There is a list of things you can deduce from your income and plan your investment better and more efficiently. Go to http://www.direct.gov.uk/en/MoneyTaxAndBenefits/
Taxes/TaxOnPropertyAndRentalIncome/DG_10014027 and http://www.directgov.gov.uk/en/
MoneyTaxAndBenefits/Taxes/
TaxOnPropertyAndRentalIncome/DG_10013435 for more very useful info. Best of luck. |
|
|
Back to top
|
|
|
|
|
|
| |
All times are GMT
|
|
|
