markinnes74

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