Tax relief?

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C
Ciwulan
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I read in 'Tax for Dummies' that you can raise money against a rented property in order to buy land, cars and caravans and you can then reclaim the interest on the loan.

I own the rented property in full and took out a buy-to-let mortgage on 50% of the value of the property. I then bought a piece of land with the loan but i am not renting out the land to anyone but there is a grazing licence.

Does anyone know if this loophole has been closed because the tax form notes do not seem to mention the fact that you can claim back the interest and offset it against the expenses of letting out the property.

I would be grateful for any information or light that anyone can shed on this - the Tax for Dummies book was two years old.

Thanks for any help or advice!

18/10/2008 00:00

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