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
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On my form it is 75% in one box and 25% in another box.
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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.
ThanksComment
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See Notes for SA105 ( 2018) and the advice for entry in box 26.
https://assets.publishing.service.go...Notes-2018.pdfComment
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