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Mortgage Product Fee

Pedro30
Posted Wed, 21 Dec 2022 01:06:54 GMT by Pedro30
Hi, I'm currently filling in my self-assessment form regarding expenses related to UK property (SA105) for tax year 21-22. In Jan 2021 I took out a Buy To Let mortgage which had a Product Fee. I now realise that the Product Fee is a finance expense as it is a fee incurred when taking out or repaying mortgages as described here: https://www.gov.uk/government/publications/restricting-finance-cost-relief-for-individual-landlords/restricting-finance-cost-relief-for-individual-landlords My question is can I add this as a finance expense in my self assessment for 21-22 even if the mortgage was taken out Jan 2021? Thank you.
HMRC Admin 32
Posted Thu, 22 Dec 2022 12:26:33 GMT by HMRC Admin 32
Hi,

You will need to amend your 2020 to 2021 tax return to include the product fee as a deduction.  

The deadline for amending your 2020 to 2021 tax return is 31 January 2023.  

Please note you cannot declare the deduction in your 2021 to 2022 tax return.

Thank you. 

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