Rental income from foreign property

I am about to buy a property in Spain that I will Rent out and I pay 45% tax in the UK. I understand that I will pay tax in Spain on the net profit ( subtracting mortgage interest and expenses) and I can get tax relief on this on my UK tax return. When declaring this on my UK self assessment, do I declare the net amount of profit? I know mortgage interest in the UK cannot be deducted as an expense on a UK property but can I still deduct this from my foreign income prior to declaring profit on the UK return? Will I then pay tax on the remaining profit in the UK? So, (net profit - Spanish tax) x 45% uk tax? Thanks in advance

Hi markinnes74,
You will use the “foreign” section of your tax return to record your overseas income and gains.
You should include income that’s already been taxed abroad to claim Foreign Tax Credit Relief.
The double charge is relieved by deducting the overseas tax paid on the property income from the UK tax due on the same income.
Further information is available at: PIM4702 - Rent from property outside the UK: Income Tax (IT).
You will also receive notes to help you complete the foreign pages when you are sent your Self Assessment tax return.
Thank you.