Tax Insider is a new venture from TaxationWeb, the UK's leading independent tax portal.
Property Tax Insider - COMING SOON!
I wholeheartedly recommend the ‘Tax Insider’ to anyone who is interested in legitimately minimising their tax bill.
Dr Bennie Mallett, General Practitioner
Its sole purpose is to help you to legitimately, totally avoid or minimise your property income tax, capital gains tax, inheritance tax etc.
This monthly magazine will particularly benefit the following:
- Landlords with properties in the UK
- Property investors who hold property overseas
- UK and international property developers
- Accountants or tax advisors who have property clients
- Financial advisors
- How To Realise A Captial Loss Without Disposing Of An Asset!(March 2010)
- Using Trusts to Minimise Inheritance Tax for Family Members(February 2010)
- Furnished Holiday Accommodation - Last Chance for a Rollover(January 2010)
- Why Not Become an EIS Company?(December 2009)
- Stamp Duty Land Tax – Watch Out For “Linked Transactions”!(November 2009)
- Deductions for Repairs(October 2009)
- Pension Contributions - a Small Concession For Big Earners(September 2009)
- Tenants With Landlords Abroad(August 2009)
- Making the Most of Furnished Holiday Lettings(July 2009)
- How to Pay Off Your Residential Mortgage and Claim Interest Relief(June 2009)
- Can I Claim Mortgage Relief for the Period of Trying to Sell My Property?(January 2010)
- Can my brother sell me our joint property below market value?(December 2009)
- Does the day of arrival count towards the 70 day rule?(December 2009)
- Is it Possible to Transfer Our Property Into My Sole Name on The Basis That I Pay Him £10,000 Settlement?(November 2009)
- Can my son live rent-free in the property?(November 2009)
Can I Claim Mortgage Relief for the Period of Trying to Sell My Property?
I unsuccessfully tried to sell a rental property over a period of 9 months (various buyers dropped out for various reasons!). The property was untenanted (i.e. vacant possession for sale) after the first 2 months of the 9 month period but is now rented again.
Can I claim mortgage interest relief for the period in which I was trying to sell the property but had not instructed the letting agent to market the property.
Arthur Weller Replies:
"A property may be let for short periods in a tax year or only part of it may be let throughout a tax year (or both); the rest of the time the property is used for private or non-business purposes. Here the interest charged on a qualifying loan on that property has to be split between the rental business use and the private or non-business use. The split is done in whatever way produces a fair and reasonable business deduction, taking account of both the proportion of business use and the length of business use.
You don’t have to split the interest if the taxpayer is genuinely trying to let the property but it is empty because they have not been able to find a tenant. In this case the interest will meet the ‘wholly and exclusively’ test. It won’t meet this test if they have not been trying to let the property or they have been using it for private or non-business purposes.”
It would appear from this that if in a period you were not trying to let the property then for that period of time you cannot claim mortgage interest relief.
- Reclaiming Your Class Four NIC(March 2010)
- Tax Return Help Sheet for Negligible Value Claims(March 2010)
- How to Qualify for Furnished Holiday Accommodation Relief(January 2010)
- HMRC(December 2009)
- Review Your Position In 2014(December 2009)
- You Can Create a Tax Loss By Knocking a Building Down(November 2009)
- Renovations and alterations(October 2008)
- Do you have two properties that could be your main residence?(May 2008)
- Are you a contractor in the Construction Industry Scheme(April 2008)
- Renovations and alterations(November 2007)
- Very easy to read - written in plain english
- Written by UK leading and practising tax experts
- Guaranteed to minimise or avoid your tax liabilities
- Keeps you up-to-date with changes in tax legislation
- One month free trial (so you have nothing to lose)
