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I would like to know that in Kaplan exam Kit for Q8 Leticia Stone they are deducting the loan interest from the rent but in Q71 Mice Ltd. They aren’t deducting the loan interest.
Can you please explain why is that difference between the two ?
Thank You..
I do not have access to this question but from what you say it is because in income tax we deduct interest payable on loans taken out to purchase rental property from the property income assessment but in corporation tax such interest payable is deducted from interest income in the corporation tax computation. If you look at the corporation tax computation in the corporate tax question you should find the interest payable being deducted from interest income.
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