MIRAS: RIP

Tax relief on loans to buy your own home was finally killed off on 5 April 2000. But if you run a company or an unincorporated business, or if you intend to buy or improve property to rent out, it is generally possible to enjoy tax relief on interest paid. Although the terms of such "business-related" loans may be different, the tax relief can reduce the cost to 60% of what it would otherwise be. 60% of 10% is less than 100% of 8%!

Actionpoint:

REVIEW BORROWINGS TO SEE IF RELIEF CAN BE OBTAINED

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