is there income tax on mortgages in the uk and can i claim any cash back work for a company
2007-03-08 08:21:23 · 3 answers · asked by roy c 1 in Business & Finance ➔ Taxes ➔ United Kingdom
A long time ago you could indeed get Tax relief on the Interest paid on your Mortgage - this encouraged people to take out Endowment Mortgages (to maximise their tax relief).
Gradually the rules changed & now there is no tax relief on Mortgages.
2007-03-08 09:10:13 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
In the USA, about the last tax deduction of note is no tax on money you pay as interest on your first or second home's mortgage. There is also tax deductions for dependents(children). If you hold the mortgage, someone is paying you interest, there is tax on that money.
2007-03-08 17:22:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Income tax is a tax on income.
If you are asking if you can pay less income tax because you have a mortgage, then the answer is no.
2007-03-08 17:04:08 · answer #3 · answered by notmarriednochildren 4 · 0⤊ 0⤋