Client tax liability is insufficient to cover tax on gift aided donations so a liability is arising to cover the charity tax relief. However, automatic application of residential finance cost tax relief isn't reducing liability, but is wasting the finance costs. If the finance cost relief could be left unclaimed and carried forward it would be available when needed in subsequent years, and the tax payer's liability in the current year would be unchanged. Is it possible to opt not to apply the relief, but carry it forward instead?
28th Jul 2021
Not claiming residential finance cost relief
Can taxpayer opt not to claim residential finance cost tax relief, but carry it forward instead?
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