You are reading a single comment by @jaw and its replies.
Click here to read the full conversation.
-
plenty of countries.
There's a wiki for this
https://en.wikipedia.org/wiki/Home_mortgage_interest_deduction
Turns out the UK allowed mortgage interest payments as a deduction from 1983 to 2000
-
I know it's common in lots of places, but what's the justification. Should renters be able to deduct rent from their income tax bill? Car loan payments? It just seems like a random bung to one segment of society.
The one I have more sympathy with is something like deducting the cost of childcare if you go back to work. You're paying someone's salary, which they are then paying tax on. At the moment you need to earn £50k gross to get a childminder £15k net or some stupid arithmetic like that.
Stonehedge
NickCJ
@jaw
Owner occupied homes should have a tax rebate on interest repayments. Seems to work just fine in plenty of countries. e.g. £12,000 annual interest repayment is taken out of gross earnings and lowering your taxable income. If you’re living mortgage free than it incentives to upgrade your home or otherwise pay full taxes.