I have just received my compensation and redress from my bank. My property was a buy to let and not my actual home.
I received just under 10% compensation after being charged a rate of 5.35% for 10 years instead of 1.35%% as it is now. I was hoping someone could help with a question I have.
As it is a rental property I had to fill out a tax return each year. I could offset a percentage of my mortgage interest paid in the previous tax year against my gains. As the interest rate was so high this was a lot of money.
Do I have to declare to revenue that my bank made a mistake with my interest rate?
In fact I probably owe revenue money for filling out incorrect tax returns for 10 years?
Would anyone have any experience with this situation. Would you think I can put this in my appeal?
I will be seeking professional advice but I was hoping someone might know something.
Thanks in advance for any replies.
As far as I am aware the banks have committed to deadline with the revenue with regards to this , I’ve read it somewhere in this forum just can’t remember where