only property rental income and mortgage fee

I am a UK tax resident who owns my only property in Hong Kong(it was not "buy to let" property). I rented it out when I moved to the UK last year, but I still pay the mortgage fee for this property every month. In this case, can I subtract the mortgage fee from my taxable profits?

Hi Cart C,
Thank you for your question.
If your mortgage is related wholly and exclusively to the rental business then the interest on the loan would be allowable under residential finance costs.
This is tax reducer and the amount of interest would be given at 20% tax relief.
Please bear in mind it is only the interest that is allowable not the capital.
Please see the following links for guidance.
Tax relief for residential landlords: how it's worked out
PIM2010 - Deductions: general rules: applying the wholly & exclusively rule.
Thank you.
 

Hi Sir/Madam, I have a problems about employee income(PAYE) and foreigner income. I have a jobs in the UK and the tax code is 1257, and I also have an apartment to rent it out in oversea(foreigner income), I’ve done the self assessment as well, and HMRC also set 1257 tax code for my foreigner income. So if it the personal allowance is calculate together and subtracted by total income? Or separately? For example: A: PAYE income: 20,000 Foreigner income:20,000 (20,000+20,000-12,570)*0.2=5,486 Or B: (20,000-12,570)*0.2=1,486 (20,000-12,570)*0.2=1,486 Which one is correct?

Hi Cart C,
We will need more information to be able to answer your questions we therefore recommend you call Income Tax: general enquiries at HMRC to help you further.
Thank you.