Tax Releif from Investment Deposit and Mortgage.

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02 Nov 2006 00:00 by James Lynch Star rating in Bracknell. 58 posts Send private message

Hi Eveyone.
This is a great site and I have already learned so much. I have a question on Tax but on the releif side of things. I have purchased off plan on a development on the Costa Del Sol. I have done this purely as investment. My question is am I entitled to claim any tax releif on the deposit that I have placed eg 70K. Obvoiusly over a 2-3 year build then this would have cost a few thousand in interest payements. Also once the property has been built and I am then paying a mortage on it would I be entitled to claim tax releif on the interest paid on that. I have not yet appoinetd an accountant as still in the very early satges but would be interested to hear from anyone who would have gone through this process already.
Many Thanks
James L



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02 Nov 2006 16:59 by Smiley Star rating in San Pedro de Alcanta.... 2433 posts Send private message

Smiley´s avatar

No tax relief on the deposit monies nor any on the mortgage interest charged unless the property in Spain is your principal place of residence which I am assuming not. If you are paying tax here as a resident then you can claim tax relief on the mortgage interest.

Regards Smiley


_______________________

Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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04 Nov 2006 16:46 by Smiley Star rating in San Pedro de Alcanta.... 2433 posts Send private message

Smiley´s avatar

Hi James I have sent you a PM in reply to yours - hope you get it as a couple that I have sent have not gone through Spam filters or something.

Smiley


_______________________

Smiley - patrick@marbellamortgages.com  www.marbellamortgages.com   www.comparetravelcash.co.uk




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