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Posted Thu, 05 Jan 2023 10:19:41 GMT by Peter Quinn
Hello, I live in my wife's house and rent out my house. Am I able to claim the mortgage interest on my property as an expense, and if so, where on the form do I input this? Sadly, I've realised this after submitting and paying, so I guess I might have to claim something back Thanks
Posted Mon, 09 Jan 2023 13:54:55 GMT by HMRC Admin 17

Hi,
 
Thank you for your question.

You will be able to claim a deduction for the mortgage interest payments you make on your rental property income from the date the rental business began.

The tax relief that landlords of residential properties get for finance costs, which includes mortgage interest, is retricted to the basic rate of income tax.

This was being phased in from 6 April 2017 and was fully in place from 6 April 2020.

There are specific boxes on the Property section of the tax return to claim the correct amount of tax relief for mortgage interest payments .

Thank you.

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