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Can you tell me how mortgage tax relief is calculated in Isle of Man please ?

Asked in Personal Taxation for Isle of Man

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tax
 
Posted by Richard Overty on Feb 09, 2014 at 11:09
 

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Hi Richard

Basically qualifying mortgage interest is added onto our personal allowances - in effect this means relief at 10% (standard rate). This is capped at mortgage interest of £7500; ie a 750 tax saving. Better than nothing but not as good as it used to be when there was no cap (07/08 and before)

See more information here - http://www.gov.im/categories/tax,-vat-and-your-money/income-tax-and-national-insurance/individuals/residents/rates-and-allowances/

'Qualifying' interest essentially means an Isle of Man lender.

Best wishes
Martin Katz

www.middletonkatz.com


 
Posted by MartinKatz on Feb 12, 2014 at 22:54 and edited on Mar 31, 2017 at 01:36
 

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mortgage tax relief is actually less that 10% if you think about other efforts you need to have it.
Before going to mortgage one should do homework of do's and don't s so that he/she can progress on right path.
www.mariabarr.com
 
Posted by merrybrovo on Feb 25, 2014 at 10:50
 

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