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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?
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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