Income from Property Question and Answer session on Wednesday 16th January 14:00 - 15:00 - Session ended
Joined: 16/01/2019 13:29:36
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.
HMRC Admin 50
Joined: 21/06/2017 15:34:03
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.