Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
I own a property in sole name which is rented out with a mortgage again in my name. I am setting up a Declaration of Trust of beneficial ownership so my wife will own 99% and I will own 1% as she is not working and will be looking after the rental property (and one she owns in her own name).
My wife will be paying the mortgage on the property in my name from her bank account (the same account the rent will be paid into) but can she claim the Mortgage costs as an allowable expense on her tax return.
Please only respond if you are pretty certain of the answer as I’m confused enough already 🙂
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