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Sam, Accountant
Category: Tax
Satisfied Customers: 7510
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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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: 4 years ago.
Category: Tax
Expert:  Sam replied 4 years ago.



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?