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  • Tax

    Joint partnership

    Hello fellow tribers,

    After 2020, property that is registered under ' joint partnership' can we claim mortgage interest element as an expense? In other word's can 100% of mortgage interest be considered as a tax deductible expense?

    Thank you!

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    Hi

    if the partners are higher ratevtax payers you’ll face the same restrictions.

    there are a couple of ways to obtain a deduction of 100% but will require some type of structuring.

    regards

    hNWA

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    Partnerships are tax transparent in the UK and so the partners' income is considered to be their own income as if there was not no partnership. So if it is BTL income then you have the restriction. If it is a holiday let business then you are ok. As HNWA says you need some advice to structure this properly but I think you have a good starting point for one option.

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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022