TRS claim

[mangos]

Hi

can anyone advise if you can claim TRS for purchase of tiles/stove/rewiring and plumbing? I purchased a 2nd hand house and the costs paid to repair it (my principal residence) exceeded the percentage of TRS for which I am claiming

Mangos

 

[Domo]

TRS is a relief for mortgage interest paid only

 

[Gervan]

Tax relief can also be claimed for interest paid on loan to renovate, repair etc your personal residence.

 

[WaterSprite]

I think the loan has to be secured on the premises too - not just a personal loan.

 

[Gervan]

There's nothing about the loan being secured on the property, no.

Qualifying loan...used by the individual for the purpose of defraying money employed in the purchase, repair, development or improvement of a qualifying residence or in paying off another loan or loans used for such purpose.

 

[Graham_07]

The important thing here is that any tax relief claim TRS or via tax return is on interest on qualifying loans only, not on actual improvement costs as the OP was wondering.

 

[WaterSprite]

Ah yes - I was looking only at the TRS info, not the unsecured qualifying loan info.

Sorry