I own a property in the UK where my Mother lives. She has minimal income and savings. I receive no rental income, but I pay the mortgage.I am a resident of Canada where I pay income tax under the Canada-UK double taxation agreement.Are there an tax efficiencies I can achieve to offset the costs of owning the UK home.
Unfortunately this are no tax reliefs available in respect of your UK property as you are not in receipt of rental income.
If you were you would be able to offset items such as mortgage interest, insurance, repairs etc
Should you decide to sell the property in due course you may possibly qualify for exemption based on your non-resident status.
To qualify you need to have been non-resident for at least 5 complete tax years (6th April to the following 5th April) with exchange of contracts taking place whilst you have this status.
35+ years experience in income tax, CGT, non-residence
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I hope this helps