Equity release - writing off interest off purchased property

[doberden]

Hi,

I bought a foreign property and paid for part of it through an equity release on existing property. I think moved property so just have one mortgage (which includes the equity release).

I have rented the property abroad and want to offset rent received against interest paid. Is this possible (i.e. even through there is no separate mortgage on it).

 

[Rhino 1]

Hi,
Which countries tax return are you seeking the deduction for Ireland or investing country? Depending on the country it may be deductible.

You can deduct the interest on the equity release for your case III comp. Tax Briefing 50

Are you already getting tax relief on your Irish mortgage? Dont double claim as onus is on you to apportion.

Rhino

 

[doberden]

Thanks for that, it's for property in Bulgaria (there's a double taxation agreement in place)