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Finance expenses (Prop Income)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Finance expenses (Prop Income)

  • This topic has 1 reply, 2 voices, and was last updated 8 months ago by Tax Tutor.
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  • October 10, 2021 at 1:10 am #637367
    Sourav9271
    • Topics: 157
    • Replies: 103
    • ☆☆☆

    Hello sir,
    Lately watched property income lectures quite liked the eloquence and coherence of the lectures.
    However as you said that”mortgage interest is not deductible, rather is given as a tax credit in computing tax liability”

    Sir,
    Net income-Paye= Taxable income × tax rates= Tax liabilities.
    After finding tax liabilities we need to credit the PAYE and Mortgage interest right?

    How can I credit mortgage interest in computing tax liability shouldn’t it be rather credited whilst computing tax liabilities?

    October 12, 2021 at 12:16 pm #637555
    Tax Tutor
    • Topics: 2
    • Replies: 3929
    • ☆☆☆☆☆

    Mortgage / loan interest is not deductible as a finance expense in computing the amount of property income to be charged to tax on the individual – but relief is instead given as a reduction in deriving the income tax liability as shown in the notes and example.
    PAYE would then be deducted in deriving the income tax payable

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