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 TaxRobin Your Own Question
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17657
Experience:  International tax
Type Your Tax Question Here...
TaxRobin is online now

I pay the mortgage on a flat lived in by my elderly mother.

Customer Question

I pay the mortgage on a flat lived in by my elderly mother. I live eleswhere. The flat is in joint names ( me and my mother). My mother contributes nothing either towards the mortgage or rent.
Is there any tax relief due on my mortgage payments?
Submitted: 4 years ago.
Category: Tax
Expert:  TaxRobin replied 4 years ago.
The interest on a loan or overdraft may not be allowable, or only part may be allowable, where the taxpayer, for example, uses the borrowing:

to buy non-rental business investments ,
to buy private assets or assets for their family,
for the provision of private funds to be taken out from the rental business.

If property is not purchased that is used for business (or letting) the interest i snot allowed as a deduction unless the personal loan is a Qualified loan.
Qualifying loans include those used:

to buy shares in or to lend money to a business in which you own more than 5 per cent of the shares
to buy shares in a limited company in which you work full time
to buy shares in or lend money for business purposes to a partnership

If you are not letting the property you would not be allowed the deduction.