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Sole Trader Borrowing

Answer
the sanewit
Posted Thu, 10 Oct 2024 12:41:56 GMT by the sanewit
I am a sole trader and have invested significantly in inventory using my own money over the last 12-18 months. If I were to now borrow funds commercially to replenish my personal funds, would that cost be tax deductible? I'm conscious that I've already paid the money out. Thanks in advance.
Answer
HMRC Admin 19 Response
Posted Fri, 18 Oct 2024 12:28:14 GMT by HMRC Admin 19 Response
Hi,
No, as you will have already claimed relief to buy the inventory.
Thank you. 
Answer
the sanewit
Posted Fri, 18 Oct 2024 17:20:39 GMT by the sanewit
The original question doesn't mention existing relief but, for the avoidance of doubt, no relief has yet been claimed.

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