mortgage interest - deductible?

M

morningperson

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I've a S23 property and a rental property. From the rental property I'd deduct mortgage interest and expenses then the S23 allowances. Is the mortgage interest on the S23 property deductible against anything - e.g. income on the S23 property? If so, if the mortgage interest is greater that the income in that year is the remainder deductible against anything??
 
The mortgage interest on the section 23 in offsetable agaiinst the rent and all the expenses can be deducted after that you then claim s23.
 
Ah the great S23 mystery - why would anyone buy an S23 property (versus a different investment property) to shelter their rental income when the rental income is already sheltered by virtue of their Mortgage Interest relief?

S23 only meant sense if you had an existing large portfolio with a very low loan to rental income ratio.

No the mortgage interest isn't deductable against anything else. Some S23's allow the S23 relief to be deductable against PAYE income if you are an Owner Occupier. That may be an avenue for you to explore.
 
Good Question!!

But the s23 relief on rent from another place or places is the benefit. So the s23 place has had a v. small income, the mortgage interest on the s23 can't be written off against this small income??

Should i get an accountant to do my returns, would it be worth it??

Any idea what type of accountant im looking for and how much it would cost??
 
If you posted with full sentences, full words, proper grammar, punctuation, paragraphs, lose the "txt spk", it might improve the readability of your post and increase your chances of getting a response.
 
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