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My wife owns 7 residential rental properties which we rent

Answered by:Julie Kingham
Chartered Tax Adviser
Positive Feedback: 99.6 %
Accepted Answers: 733

in UK Tax

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Customer Question

My wife owns 7 residential rental properties which we rent out. Over a period of time we secured mortgages on our main (where we live) property for the purpose of buying said rental properties. My question can my wife put the mortgage interest in her tax return for mortgage tax relief? even though the mortgages are on our main residence and the loan is in both our names. My understanding is that we can as they were taken out for each rental purchase and all income goes to my wife, therefore tax follows income. Help welcome

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Province/Country relating to question: Scotland, United Kingdom

Submitted: 1114 days and 22 hours ago.

Category: UK Tax

Value: £7

Status: CLOSED

Expert: Julie Kingham replied 1114 days and 22 hours ago.

Yes, if you have extended your mortgage on your main home in order to purchase property to let then your wife can claim the mortgage interest relating only to the part of the mortgage incurred on purchasing the rental properties.

Customer replied 1114 days and 22 hours ago.

Hi Julie

Super fast answer thanks. Just to clarify she can claim all interest on mortgage sums that relate to rental property, even though mortgage in both of our names.

Thanks

David

Accepted Answer

Expert: Julie Kingham replied 1114 days and 22 hours ago.

Yes.

Expert Type	Chartered Tax Adviser
Category:	UK Tax
Pos. Feedback:	99.6 %
Accepts:	733
Answered:	4/26/2010

Experience: CTA, ATT - over 10 years experience in UK tax - CGT, IHT & personal tax

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