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, 5 years ago i remortgaged my main home to release funds

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Hi, 5 years ago i remortgaged my main home to release funds to by 3 properties. I purchased 2 uk properties and put down a deposit of £30,000 on a spanish property. The 2 uk properties have been rented since I purchased them but unfortunately I ended up losing the spanish deposit due to the developers going bust and I have very little chance of getting back the deposit. Can this £30,000 be taken into account as an allowance when I need to file my uk tax return as this was part of the money to start my rental business. If the answer is yes then I would have made a loss each year on my rental properties and would therefore not be liable for tax.
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.

Hi

Thanks for your response

Sadly the answer is no, as this would have been (if fruitful) part of the purchase price of the proeprty that could only ever have been considered on any disposal of the same property for capital gain purposes.

As there was no purchase - there was no disposal,.so this money has to be covered by yourself as a personal loss, I am sorry to say.

Let me know if you require any further assistance on the information I have provided.

Thanks

Sam

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