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Posted Wed, 27 Nov 2024 18:37:21 GMT by AndrewPC
Hi, I am filling out my self assessment form for 23/24 and I need to include 1. Mortgage interest , so I can get a 20% tax credit 2. Remortgage application fees for 100% deduction. I may be going mad, but I thought that Mortgage application fees ( £ several thousands at the moment... and in this case) used to be put in box 44.....but I can't see a box 44 on my form....? Please can someone confirm which box on the SA form mortgage interest goes and which box mortgage arrangement fees , valuation, legals etc go in. Thanks in advance all :)
Posted Tue, 03 Dec 2024 11:14:37 GMT by HMRC Admin 19 Response
Hi,
To qualify for relief, the incidental costs must be wholly and exclusively incurred for the purpose of obtaining the finance, or providing security for it, or of repaying it.
An entry should be made under 'residential finance costs' together with the interest paid. Relief is due at a flat rate of 20%. However, should the profits be low, the relief is restricted to the lower of the profits x 20% or the finance costs x 20%.
Thank you.

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