Can you solve an issue of keeping ownership of a surgery premises share in retirement and receiving cost rent income with tax relief on ongoing surgery mortgage interest payments?
Is it correct that a GP's interest payments are no longer tax-deductible once they retire? I read somewhere that this is to do with the interest no longer being a business expense, so making retention of a premises share less financially attractive.
Our accountants are treating a retired partner's surgery mortgage interest payments as tax-deductible against the rental income. I plan to retire soon and would like to do the same. I would hate to find out years down the line that this was an error requiring a large repayment to HM Revenue & Customs.