Hi - First time landlord here. Could someone clarify for me that the interest allowable as an offset to rental income is 75% of just the interest portion of the mortgage repayments? i.e. not the full monthly repayment (where mortgage is not interest only)?
Cheers,
Hi - First time landlord here. Could someone clarify for me that the interest allowable as an offset to rental income is 75% of just the interest portion of the mortgage repayments? i.e. not the full monthly repayment (where mortgage is not interest only)?
Cheers,
As an add on to this question, if a person remortgaged their main residence to purchase an investment property o), would 75% that portion of the home mortgage that was used to purchase the investment property be allowable against tax?
Correct - that is my understanding.
75% from 01/01/11 to 31/12/11 unless this changes in the upcoming budget!!! Unbelievable, they take your stamp duty and then undermine you!
Not so far, but it is expected, I sincerely hope its not touched.
I it stays then the focus should shift to the election, Labour has said they will scrap it, FG have said they will keep it at 75% who knows in a coalition.