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Old 13.10.2020, 17:33
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Re: Declaring Uk home for tax benefits

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I m quite new here so I hope someone can at least set out their circumstances to help me decide what to do

I have a property in the Uk and it is empty. Cost was 1.2 million sterling and mortgage is 750k left. The interest to service the mortgage is 1k a month

I am confused about whether it is a net benefit or negative to my tax return which I plan to do.

On the one hand I heard maintenance insurance and utilities can be deducted and those can amount to 10k a year easily. Fitting a new kitchen etc could easily cost 50k

On the other hand I am taxed as renting this out from myself

Does anyone have any figures they can share about whether having a 1.2 house in London would result in income and therefore tax increasing or decreasing. Wealth tax is peanuts so thatís not relevant to this discussion
Unlimited Mortgage interest is tax deductible in CH, I am surprised you are being taxed for personal use of a foreign property, you must have put it in the wrong Canton.
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