Residential Property Finance Costs Relief

I incur finance costs for a residential rental property, but have not claimed the tax relief for these costs in the last couple of years because there was no profit (due to refurbishment costs to bring the property up to standard). This year there is a profit, so can I claim the finance tax relief from those previous years on this year's return? I did not fill in the 'Unused residential property finance costs brought forward' box (45) in previous years - does this matter? Thank you in advance

Hi ,
 

Thank you for your question. The finance costs incurred in earlier years should have been shown on your returns for earlier years. If these were unused you would then show them as caried forward. You will need to amend your earlier years returns to include the financial costs incurred each years and confirm the amount carried forward each year. In the current year you can claim the financial costs incurred in 2024/25 in box 44 and then enter the the unused relief from earlier years in box 45. Thank you .