mkcchan

Dear HMRC Admin, I see the guidance of working out the tax relief of residential property as below: The reduction is the basic rate value (currently 20%) of the lower of: (1) Finance costs - costs not deducted from rental income in the tax year (this will be a proportion of finance costs for the transitional years) plus any finance costs brought forward (2) Property business profits - the profits of the property business in the tax year (after using any brought forward losses) (3) Adjusted total income - the income (after losses and reliefs, and excluding savings and dividends income) that exceeds your personal allowance Referring to (2) Property business profits, is it total rental profits from ALL rental properties if I have more than one property? Or, is it only the profits from the property that I claim for tax relief? Pls comment. Thanks.

Hello, I think I did not provide complete information in my previous post. Here is the full picture: Rental income = £1,000 Finance cost = £3,000 Total taxable income = £1,000 Total taxable income deducting personal allowance = £0 Should I : Enter "0" in Residential Property Finance Costs Enter "3,000" in Unused Residential Property Finance Costs Brought Forward Pls comment. Thanks.

Hello, There is mortgage interest in my letting residential property. Due to the rental income in the tax year is just £1,000(net), may I choose NOT to claim the property finance cost and carry forward full amount to next year? For example: Finance cost = £3,000 Enter "0" in Residential Property Finance Costs Enter "3,000" in Unused Residential Property Finance Costs brought forward Pls comment. Thanks.

Dear HMRC Admin, Thanks for your reply. I refer to "non-residential property" in my case. As far as I know, mortgage interest can be claimed as an expense against non-residential rental income. My question is if previous year mortgage interest can be claimed as an expense in current tax year. Pls comment. Thanks.

Dear HMRC Admin, Thanks for your reply. In my case, the car park space is actually located in a car park complex with two floors below ground floor. The car park space is not attached to the residential apartment directly. The access to the car park space requires to take a lift downstairs and pass through the public area of a residential building (a few hundreds of apartments in the building). Based on above criteria, can I assume the car park space is a non-residential property? Pls comment. Thanks.

Hello, I disposed some listed shares between September and November 2023. Each listed shares made a loss unfortunately. On the other hand, I have never make any gain in other capital asset disposal up to this moment. Could I report the capital losses until I submit my tax return for tax year 6th April 2023 - 5th April 2024? Pls comment. Thanks.

Hello, I did not claim the mortgage interests as expense of a non-residential property last tax year. Can these mortgage interests be carried forward to this year as an property expense? Thanks.

Hello, I have a car park space purchased in residential development under an independent deed (separated from the residential apartment). Is the car park space defined as residential property or non-residential property under this situation? Pls comment. Thanks.

Dear HMRC Admin, Thanks for your comments. The source of income in Australia is rental. Could you pls review my calculation of FTCR and confirm if it is correct? Tax year: 1/7/2021 - 30/6/2022, Tax amount: £800 Tax year: 1/7/2022 - 30/6/2023, Tax amount: £1,000 Due to the tax year different between Australia and UK, I calculate the amount of FTCR for tax year 6/4/2022 - 5/4/2023 as below: (£800 x 86/365 days) + (£1,000 x 279/365 days) = £188 + £764 = £952 Thanks again.

Hi HMRC, I am going to claim the foreign tax credit relief for my tax liability in Australia. Tax year: 1/7/2021 - 30/6/2022, Tax amount: £800 Tax year: 1/7/2022 - 30/6/2023, Tax amount: £1,000 Due to the tax year different between Australia and UK, I calculate the amount of FTCR for tax year 6/4/2022 - 5/4/2023 as below: (£800 x 86/365 days) + (£1,000 x 279/365 days) = £188 + £764 = £952 Is the logic of my calculation correct? Pls confirm if £952 is the correct amount I can claim for FTCR. Thanks.