How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Sam Your Own Question
Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 7274
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
16196420
Type Your Tax Question Here...
Sam is online now

I purchased 35 acres of agricultural land which I was paying

Customer Question

I purchased 35 acres of agricultural land which I was paying rent of £2200. per annum, with a loan of £65000from the bank. it is my intention to sell the land in two/three years.
Can I charge the interest that I am paying on the loan:
A. against my annual farming profits and/or
B. add it on to the cost of the land when it is sold
Your advice would be much appreciated?

P. Rawlinson
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.

Hi

 

Thanks for your questions

 

Can I clarify that you purchased the land that you had previously rented? or did you mean something else.

 

Was the loan of £65,000 used solely for the purchase of the land?

 

Thanks

 

Sam

 

 

Related Tax Questions