markfawcett987 Fawcett

Hi, I understand that with HS340 you can offset interest of a loan taken to lend to a business against personal tax. My question is based on chronology. I have a mortgage which has been in place for a few years. I have received inheritance in the last 6 months. I am about to loan money to a business I own 50%. Whilst I took the mortgage before I had the inheritance, the initial plan was to use the inheritance to pay off my mortgage. Instead I decided to loan the inheritance funds to a business and keep the mortgage. Is the personal mortgage interest deductible on the basis I would not have it if I had not loaned to the business. Mark