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Old 02.09.2010, 20:53
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Mortgage interest on unlet UK property

Im soon to move to Zurich.
My wife and children will remain in the UK in our house.
Does anyone know whether Mortgage interest on Uk property is tax deductible from tax paid on my swiss salary?
Thx in advance for any help
T
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Old 03.09.2010, 09:50
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Re: Mortgage interest on unlet UK property

Hi,

I have same position, although I rent the house out.

I think it will come down to if you pay tax at source.

If you do, then you will have to try and claim with the local tax office.

If you do not pay tax at source, you can deduct the expenses at your end of year tax return.

Cheers
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Old 03.09.2010, 09:53
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Re: Mortgage interest on unlet UK property

I think yes.

You should also look into the "maintaining a first home abroad" tax benefit.

Put simply, you can deduct expenses for maintaining your home abroad as an expatriate. From what I've read (on EF) this applies to expats who move to CH for a job. It doesn't apply to expats who change jobs within CH.
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Old 03.09.2010, 09:55
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Re: Mortgage interest on unlet UK property

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Im soon to move to Zurich.
My wife and children will remain in the UK in our house.
Does anyone know whether Mortgage interest on Uk property is tax deductible from tax paid on my swiss salary?
Thx in advance for any help
T
If you are successful - or perhaps even ask your local tax office in Switzerland - you will have to declare the UK house (less mortgage) as part of your assets/wealth, which is likely to be taxable, though at quite a low rate.

If you or your wife are claiming the mortgage in the UK already you, of course, can't claim it twice.
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Old 03.09.2010, 09:56
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Re: Mortgage interest on unlet UK property

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I think yes.

You should also look into the "maintaining a first home abroad" tax benefit.

Put simply, you can deduct expenses for maintaining your home abroad as an expatriate. From what I've read (on EF) this applies to expats who move to CH for a job. It doesn't apply to expats who change jobs within CH.
I disagree, as far as I know this only applies to Swiss property. Saying that my accountant does my tax return!
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Old 03.09.2010, 10:01
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Re: Mortgage interest on unlet UK property

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Im soon to move to Zurich.
My wife and children will remain in the UK in our house.
Does anyone know whether Mortgage interest on Uk property is tax deductible from tax paid on my swiss salary?
Thx in advance for any help
T
Yes you can - but the hosue is included in your totals for the wealth tax.

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Hi,

I have same position, although I rent the house out.
Completely different position, in fact. It's not your family home and therefore you must declare the rental income less the costs which can also include maintenance etc as well as mortgage interest.
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