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Any tax specialists out there? Please

(7 Posts)
indignatio Wed 03-Apr-13 14:39:03

Does anyone know whether buy to let mortgage interest payments can be offset against any capital gain on the property? If it can, is there a time frame for how many years' payments are eligible?

If anyone can help, I would be so grateful.

alarkaspree Wed 03-Apr-13 14:44:31

Have you already been offsetting your interest payments against the rental income for income tax purposes?

I don't know the answer but I think it's unlikely.

MrAnchovy Wed 03-Apr-13 14:47:19

No, mortgage interest can only be offset against rental income.

There are a number of CGT reliefs that may apply, particularly if you have lived in the property. See an accountant.

indignatio Wed 03-Apr-13 14:53:34

Unfortunately we have never lived in the property, nor has it been rented out. Therefore the interest payments have not been offset against rental income.

MrA, do you know of any good websites that detail cgt reliefs on properties.

Many thanks both of you.

indignatio Wed 03-Apr-13 18:09:01

Bumpity bump bump

Areyoumadorisitme Wed 03-Apr-13 18:14:27

Mortgage interest can't be set against a capital gain. It looks unlikely that you'll qualify for any of the available CGT reliefs. I too would advise you see an accountant but in the meantime see the link below.

Gregssausageroll Thu 04-Apr-13 14:27:39

As above. No.

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