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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › question

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Tax Tutor.
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  • October 5, 2021 at 12:09 pm #637016
    xyzc
    Participant
    • Topics: 357
    • Replies: 130
    • ☆☆☆

    In practice question number 8, 2400 interest payable is regarded as a tax reduction. But why this finance expense is not an allowable expense to be deducted from the income while it is cottages that are rented and not a resedential property. I think the notes mention that finance expense is not an allowable expense only for resedential property and not cottages. So for cottages the finance expense should be treated as an allowable expense. Why is this not the case

    October 12, 2021 at 12:01 pm #637553
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Cottages are residential property as is any other type of property that is lived in by an individual. The distinction is with commercial property that is used for business purposes

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