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Thursday, November 02, 2006
James Lynch
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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 4:59 PM
Smiley
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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
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04 Nov 2006 4:46 PM
Smiley
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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
Sarcasm is the lowest form of wit .....but any form of wit is an achievement
NO MATTER HOW MUCH MONEY YOU HAVE GOT, IF YOU HAVE NOBODY TO SHARE IT WITH, THEN ITS JUST NUMBERS IN THE BANK.
TO ESCAPE CRITICISM DO NOTHING, SAY NOTHING, BE NOTHING!
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