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Sam, Accountant
Category: Tax
Satisfied Customers: 14152
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Iam takingoutanequityreleaasemortgagewillibeliabletopaytaxoni

Customer Question

iam takingoutanequityreleaasemortgagewillibeliabletopaytaxoni iamapensioner
Submitted: 1 year ago.
Category: Tax
Expert:  Sam replied 1 year ago.
Hi Thanks for your question No no tax will be due as you are taking money out of your own home - which as your main residence is not liable to any tax.But similarly the interest they charge (on top of the equity release) cannot be claimed against your tax or Inheritance tax position. So its all contained within your arrangement of borrowing against your home. Let me know if I can assist further, but if you have all that you need, then it would be appreciated if you can rate me for the level of service I have provided (or click accept) Thanks Sam