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Mortgage interest

16/01/2019 14:57:30
I understand that i can only deduct 75% of my mortgage interest. I also read that there is also a 20% tax credit under the new system, can you explain this bit please, or send a info link.

Many thanks
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Re:Mortgage interest

16/01/2019 15:02:45
Thanks for your question.

You claim 75% as mortgage interest as an allowable expense. The other 25% is allowed as a basic rate (curently 20%) tax adjusttment. You should claim the 25% amount in the box for other financial costs not included elsewhere.