relief on mortgage interest, self assessment

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    relief on mortgage interest, self assessment

    Hi. I understand this is the first year of relief cuts on mortgage interest. What was 100% tax deductible is now only 75% tax deductible. On the tax return its asks for 'Loan Interest and other Financial Costs'. Do I put in the full 100% amount and they work it out or do I deduct the 25% off what I paid and input that figure? I suspect the latter since it includes other costs with no breakdown so HMRC wouldn't know exactly how much is interest payment, but just wanted to double check! Thanks

    #2
    On my form it is 75% in one box and 25% in another box.

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      #3
      Oh! On my self assessment I have
      - Rents, rates, insurance, ground rent etc
      - Property repairs and maintenance
      - Loan interest & other financial costs
      - Legal, management & other professional fees
      - Costs of services provided
      - other allowable property expenses.

      I assume I put 75% of my mortgage interest payments in the Loan Interest box.
      Thanks

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        #4
        See Notes for SA105 ( 2018) and the advice for entry in box 26.

        https://assets.publishing.service.go...Notes-2018.pdf

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