Tax adjusted trading profit £73,176
Property income £9,170
Partnership loss (£1,470)
During the tax year 2017-2018, Danh paid interest of £ 875 (gross) on a personal loan taken out to purchase his share in a partnership.
Danh partly financed the purchase of the property with a repayment mortgage, paying mortgage interest of £5,000 during the 2017-18 tax year.
Danh will claim to relieve his share of the partnership’s loss against his total income for the tax year 2017-18.
Calculating Danh's income tax liability for 2017-18.