Ive just read that mortgage arrangement fees may be offset against rental profits.
The article I have read indicates that you can validly deduct mortgage application fees on an annual basis over life of the mortgage loan for Income Tax purposes.
I.e deduct over the course of the loan. So if the fee was £2,500 and the loan was over 25 years,
, that’s £100 per year you can deduct.
Can any tax experts confirm if this is allowed??
The article I have read indicates that you can validly deduct mortgage application fees on an annual basis over life of the mortgage loan for Income Tax purposes.
I.e deduct over the course of the loan. So if the fee was £2,500 and the loan was over 25 years,
, that’s £100 per year you can deduct.
Can any tax experts confirm if this is allowed??