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Property Allowance & Mortgage

Just a quick question about Property Allowance and Mortgage Relief

Didn't find your answer?

I am aware that the rules state that you cannot claim Property Allowance and Finance Charges, however I don't know if having a mortgage means that the client cannot claim Property Allowance.  I.e. do I have to claim the mortgage interest relief?

In my client's case, claiming £1000 is more beneficial than actual expenses plus mortgage (it's a jointly owned property, so the total 'expenses' are £1500 including mortgage interest).

This might be a useful tool going forward if we can, especially as no Higher Rate relief is given anymore.


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By JonathanD
11th Sep 2020 12:26

I think I may have found the answer via HMRC community forum

HMRC replied 'Yes, you can claim the £1000 even though your expenses are less than that. Any financial costs are included in the £1000. You basically claim the £1000 or expenses. You cannot claim both'

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