Foreign Income: Residential Finance Costs

Foreign Income: Residential Finance Costs

For the tax year 6 April 2020 to 5 April 2021, the allowable cost of getting a loan or alternative finance to buy a residential property that’s let, and any interest on those loans and alternative finance, is restricted to 0% of these costs for each property business. 

The remaining 100% of the finance costs (the ‘restricted finance costs’) from each residential property business operated by persons abroad is used as a basis for calculating a reduction to your Income Tax. 


To show this in box 13.1 of the SA106

 

Click on the Foreign Income Page



 

 

Click + INCOME




Select the income category Assets Transferred/ Income Abroad

 

 

Enter 100% of your Finance costs

 


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