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
Replies (3)
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good luck with that one
the fishing industry can be tous les difficile at the best of times.
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.
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.