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TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15977
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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i own one property which is too big for me. I plan to rent

Customer Question

i own one property which is too big for me. I plan to rent it out and rent my own smaller place. Can i offset the cost of my mortgage repayments (interest only) against the tax i will incur on the rental income? i don't plan to buy any other property.
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.


You will be able to offset the interest you pay on your mortgage against the rental income, together with other expenses such as those listed here. Take a look at example 2 here which gives an example where interest is deductible in some circumstances even where the money raised on a mortgage is used for the purchase of something else.

I hope this helps but let me know if you have any further questions.