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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

 

 

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