Interest allowable for whole year or only for time rented?

M

murphaph

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I have a residential property which I let for the first time on 1st Oct. 2008. I informed the revenue that TRS should be stopped from this date.

I have a question concerning the deductible mortgage interest. The tax year ran from jan-dec (obviously) so I paid a lot more mortgage interest during the whole tax year than during the period the property was let out.

Am I limited to deducting the interest paid only from Oct-Dec (I presume so) or am I allowed to deduct all the interest paid during the tax year? I can't believe it could be the latter but just want to check before handing over a cheque ;-)

Edit: wow, 666th post-spooky!
 
I would be taking the interest paid in the whole year if it was my return
 
You had received TRS up to the point it was rented out so I'd be phenomenally surprised if you could effectively get tax relief on the same interest twice, though I'm not saying I know for definite how it works.
 
Even if it was empty for the first 6 months after you stopped living in it you still can only claim the portion of interest related to the period that it was first let.
 
Cheers all,
Galwayboy, do you have a link to a revenue site with this information? thanks.
 
[broken link removed]
IT 70 - A revenue guide to rental income. Top of page 7 - Pre-letting expenses are not allowed.
 
Thanks GB, that seems to be a catch all to prevent it alright. Ah well, was worth asking.
 
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