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Sparky
July 16th 03, 08:44 PM
- with buy-to-let.

In the case of a repayment mortgage, who works out the interest element of
the repayments, when, and how?

Many thanks for any pointers.

- -
Cheers,
Sparky
- -

Ronald Raygun
July 16th 03, 08:53 PM
Sparky wrote:

>
> - with buy-to-let.
>
> In the case of a repayment mortgage, who works out the interest element of
> the repayments, when, and how?

I do. :-)

Actually, the lender's annual statement *should* make it clear,
though that doesn't necessarily mean it always will be.

David Floyd
July 16th 03, 10:49 PM
In message of Wed, 16 Jul 2003, Sparky writes
>
>- with buy-to-let.
>
>In the case of a repayment mortgage, who works out the interest element of
>the repayments, when, and how?
>

The lender should supply a S352 certificate; if not, ask for one. It is
issued after the end of each fiscal year, and shows the precise amount
of interest you can claim against your rental income.

DF

Doug Ramage
July 17th 03, 07:48 AM
"David Floyd" > wrote in message
...
> In message of Wed, 16 Jul 2003, Sparky writes
> >
> >- with buy-to-let.
> >
> >In the case of a repayment mortgage, who works out the interest element
of
> >the repayments, when, and how?
> >
>
> The lender should supply a S352 certificate; if not, ask for one. It is
> issued after the end of each fiscal year, and shows the precise amount
> of interest you can claim against your rental income.
>
> DF

I don't think, technically, it would apply, as the interest payments are now
gross, with no deduction of tax.
--
Doug Ramage

David Floyd
July 17th 03, 08:24 AM
In message of Thu, 17 Jul 2003, Doug Ramage writes
>
>"David Floyd" > wrote in message
...
>> In message of Wed, 16 Jul 2003, Sparky writes
>> >
>> >- with buy-to-let.
>> >
>> >In the case of a repayment mortgage, who works out the interest element
>of
>> >the repayments, when, and how?
>> >
>>
>> The lender should supply a S352 certificate; if not, ask for one. It is
>> issued after the end of each fiscal year, and shows the precise amount
>> of interest you can claim against your rental income.
>>
>> DF
>
>I don't think, technically, it would apply, as the interest payments are now
>gross, with no deduction of tax.

Also I was wrong with the form number - a S352 cert is for interest
received, for interest paid it is a MIRAS5 - bit of a misnomer really
since the acronym MIRAS no longer applies.

DF

Doug Ramage
July 17th 03, 08:34 AM
"David Floyd" > wrote in message
...
> In message of Thu, 17 Jul 2003, Doug Ramage writes
> >
> >"David Floyd" > wrote in message
> ...
> >> In message of Wed, 16 Jul 2003, Sparky writes
> >> >
> >> >- with buy-to-let.
> >> >
> >> >In the case of a repayment mortgage, who works out the interest
element
> >of
> >> >the repayments, when, and how?
> >> >
> >>
> >> The lender should supply a S352 certificate; if not, ask for one. It
is
> >> issued after the end of each fiscal year, and shows the precise amount
> >> of interest you can claim against your rental income.
> >>
> >> DF
> >
> >I don't think, technically, it would apply, as the interest payments are
now
> >gross, with no deduction of tax.
>
> If an Inland Revenue enquiry is made then a S352 cert is the only proof,
> so I always ask for one if not already provided, for my clients so that
> I know that the correct amount of interest is claimed against rental
> income.
>
> DF

So do I. But I was musing more on the current enforcement for producing such
a certificate.

I recall a few years ago threatening court action for a recalcitrant lender
who was under the delusion that a mortgage statement was adequate and was
refusing to provide details of interest deducted.
--
Doug Ramage

Ronald Raygun
July 17th 03, 10:35 AM
Doug Ramage wrote:

> I recall a few years ago threatening court action for a recalcitrant
> lender who was under the delusion that a mortgage statement was adequate
> and was refusing to provide details of interest deducted.

But a mortgage statement *does* provide the necessary details.
Or at least it would, if the period covered were aligned with
the tax year. It's daft, really, that this is seldom the case.

Ronald Raygun
July 18th 03, 12:20 AM
Doug Ramage wrote:

> "Ronald Raygun" > wrote
>> But a mortgage statement *does* provide the necessary details.
>> Or at least it would, if the period covered were aligned with
>> the tax year. It's daft, really, that this is seldom the case.
>
> Indeed, RR, that was precisely the problem.

I knew I was going to be psychic.