Mortgage Interest Tax Relief for Jersey Property on your Income Tax form
If you own your Jersey home and took out a
loan to buy or extend it, you can claim a deduction for interest payments.
If the loan was for any other purpose you can’t claim it. (For example an equity release
loan to buy a new kitchen or for debt consolidation) You’ll need to have the amount of interest
you’ve paid and the balance of your loans. This is sent to you by your lender.
If you’re the only person claiming the interest relief you can enter the allowable loan interest
and the total year-end balance from the interest certificate.
If there is another person who also makes a claim for the loan interest, for example
you’re not married but have a joint mortgage, then you would only claim half the interest
on your form. Your partner would claim for the other half of the interest. However, you
should both still enter the full amount of the loan balance.
To complete the details on the form, enter the first line of the property address the
loan was used to buy or extend. Then enter the full year-end balance or closing
balance information. If you repaid the loan in full during the
year you will need to know the closing balance, as the certificate will show the balance as
nil. The closing balance will be on your last loan statement.
Enter the interest you are claiming here. The amount you claim can’t be more than
the total interest that you have been charged and paid that’s on the certificate.
If you sold one property and bought another in the year enter the same details for the
second property here. You can find more information by searching
the website for ‘loan interest relief’.