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Tonie owns a freehold house which is let out (this is not a furnished holiday letting). The total amount of rent received during the tax year 2019/20 was £10,080.
She partly financed the purchase of the property with a repayment mortgage, paying mortgage interest of £4,200 during the tax year 2019/20.
Calculate the property income?The answer is £9,030.
How is it that only 25% of £4,200 is deducted?
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