Sorry, yes. I'll have to to make ends meet.RainyDay said:Are you planning on renting out the property in your absence?
Unregistered said:Sorry, just a bump-I know somebody on here will know exactly what I'm entitled or not entitled to. Cheers guys.
Hi there, sorry about the bump Clubman-that's te first time I've done that, honest!Unregistered said:No you would not be entitled to mortgage interest relief. (TRS)
But the mortgage interst would be allowable as a deduction against the rental income. This together will your allowance should ensure you have no tax to pay.
budapest said:Just in relation to one point made by Clubman: In relation to exceeding the 7,620 tax free available per year under the 'Rent A Room Scheme', is it true that a property automatically becomes an investment property when this happens? Is it not still technically owner occupied but whatever amount earned above 7.620 is liable for income tax?
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