Flat and family home on 1 mortgage, rental on flat query?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Flat and family home on 1 mortgage, rental on flat query?

    Hello All,

    I'm struggling to get a definitive answer on this one - and was just told to consult one of their "tax experts" by the HMRC call centre!

    I own a house with an interest only mortgage. As part of the house (and on the same mortgage) we let a self contained flat. The house is bigger than the flat.

    From a tax perspective, can I offset the whole of the mortgage payment against the rental income I receive on the flat?

    Thanks
    Andy

    #2
    No - otherwise you would be obtaining tax relief on your home, which was removed years ago.

    You need to pro rata the interest paid.

    Comment


      #3
      Originally posted by King_Maker View Post
      No - otherwise you would be obtaining tax relief on your home, which was removed years ago.

      You need to pro rata the interest paid.
      Thanks King-maker. How would I do this, on value or floor area?

      Thanks
      Andy

      Comment


        #4
        Either of those 2 options are likely to be acceptable, unless there is a big difference.

        Comment


          #5
          Thanks. I appreciate your help.

          Andy.

          Comment

          Latest Activity

          Collapse

          Working...
          X