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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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I have a mortgage (relating to a house I live in, rather than

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I have a mortgage (relating to a house I live in, rather than let out) and also have non-negligible interest income. May I net the interest paid on the mortgage against the interest I receive for the purposes of (personal) UK taxes? If so, please could you point me to the relevant section of the HMRC documentation?
Submitted: 2 years ago.
Category: Tax
Expert:  TaxRobin replied 2 years ago.
Hello and thank you for allowing me to assist you.
Unfortunately, where a separate loan is obtained to buy a specific asset that is not used for business purposes, the interest on that loan is not an allowable deduction.
A taxpayer cannot, for example, deduct interest on a private loan, such as a loan used to buy their private residence.
I sincerely ***** ***** could advise that the interest that is specifically on your home could be used to reduce tax on interest earned but that is not the case and not allowed.
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