TRS on new build

[paintpotmen]

Hi we rented out our apartment 2 years ago while we were building a new house and didnt inform the revenue as we thought in our naivity that we would sell quickly.

The revenue have stopped our TRS on the rented apartment as it was not our PPR and we got our accountants to adjust our tax return - Does anyone know if we can claim TRS on our new build? although we are actually still living with family while we complete the build.

Thanks

 

[Graham_07]

The rules on TRS are laid out here . Interest paid on the "purchase, repair, develop or improve your sole or main residence" is allowable. In the circumstances you described, interest on the loan while building would normally be allowable. As was bridging interest which was more common years ago than now.