Oversea bank interest partially offset the property mortgage interest

Hi HMRC Admin, My wife and I have an oversea property and the property has a mortgage with an oversea bank. The mortgage account has some money for monthly repayment. And those money received bank interest and offset partial mortgage interest. The question is how can we report the bank interest and the mortgage interest? Can we claim the mortgage interest for the tax relief from 2023-2024 tax year? Thank you

Hi CF W,
You can report both the bank and mortgage interest (which is eligible for tax relief) on your  Self Assessment tax return.
Complete SA106 (Foreign) pages along with the rest of the tax return.
Thank you

Hi Admin, Thank you for your reply. Then another question we would like to ask. The bank account only has the name of husband, but the property is registered in joint owners of both of us with equal weight of share. May I know whether the interest incurred from the money under the account of the husband can equally share with wife when reported in the tax return? Thank you.

Hi
Thank you for your question.  Mortgage interest relief can only be claimed by the person whose name the mortgage is in, therefore if it is in both names you can each claim your share regardless of what bank account is used for your overseas rental property.

Thank you for your advice. On the other hand, if husband's account received some bank interest, then can the received interest share between husband and wife equally as this bank account is ONLY used for the property mortgage. Thank you so much!

Hi CF W,
No. as it is in his name only it cannot be split.
Thank you.