Entering mortgage interest on tax return self assessment

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    Entering mortgage interest on tax return self assessment

    Hi I have heard that the tax relief on mortgage interest has altered this year whereby you could normally enter 25% in Box 26 (Allowable loan interest) and 75% in Box 44 (Residential finance cost. ) on the self assessment las year. I have £800 interest this year on my rented property 2020/2021. . Does this full amount get entered in Box 26 or box 44.

    Thanks
    C

    #2
    I haven't seen this year's form, but it should be Box 44 (logically).
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      JKP is right :

      Residential property finance costs ( from Notes for SA105 tax form )

      For the 2020 to 2021 tax year,you cannot claim the costs of getting a loan, or alternative finance to buy a residential property that you let or any interest on such a loan or alternative finance payments.
      Any such costs can be used to calculate a reduction in Income Tax by putting the amount of residential property finance costs in box 44.

      Comment


        #4
        Thank you everyone. I notice on the online form it doesn't come up as Box 44. What area will find this on the online form

        Thanks


        Comment


          #5
          Look for UK Property income and for box marked " unused finance costs".

          Comment

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