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TaxRobin
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Category: Tax
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Experience:  International tax
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Do I pay tax on the rental income from a buy to let if the

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Do I pay tax on the rental income from a buy to let if the mortgage costs plus management charges are the same as the rental income?
JA: Which tax year is this for?
Customer: Current
JA: Anything else you want the Accountant to know before I connect you?
Customer: Would it be better to move the buy-to-let into my company so no longer in my own name?

Hello and thank you for allowing me to assist you.

You can’t claim a deduction for the full amount of your mortgage payment - only the interest element of your mortgage payment can be offset against your income.

Transferring is not a legal option; the properties must be sold at the market value which means tax on sale,

Customer: replied 7 months ago.
Thanks - If I sell the b2l property across to my company - then is the CGT all recognised in this year (when the transaction happens) or can CG allowances for ALL the years that I have held the property be used to offset the CGT payable?

Yes it is all recognized in the year you sale allowances for other years will not reduce

You are most welcome

A 5 star positive rating would be appreciated

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