Mortgage interest

Mortgage interest

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I increased my mortgage and used the money to start up a sole trade.
Can I claim the interest on the additional amount as a deduction?
Laas

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By AnonymousUser
18th Apr 2006 20:19

good luck with that one
the fishing industry can be tous les difficile at the best of times.

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By Paul Soper
19th Apr 2006 12:40

Errrrr????
I'm not sure I follow Tony's comment perhaps he knows something we don't.

However if the loan was used for the purpose of the business - rather than supporting private expenditure because of inadequacy of profit generated by the trade - then it will be qualifying expenditure.

The fact that the security for the lending is a non-business asset is immaterial.

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By User deleted
22nd Apr 2006 17:11

In a similar vein
If a client moves from a 2 bed rented flat to a 3 bed in order to use the additional bedroom as an office solely for business, can the additional rent be claimed? I had said no, but I am now not so sure.

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