Tax credit on currency mortgage losses.

[paul0843]

Hi guys..
Took out o commercial and also a residential mortgage
in foreign currency,which resulted in me owing a bit more than
initially converted.
Does anybody know if I can get any type of tax credit
on losses?
Paul

[sumo69]

paul0843 said:

Hi guys..
Took out o commercial and also a residential mortgage
in foreign currency,which resulted in me owing a bit more than
initially converted.
Does anybody know if I can get any type of tax credit
on losses?
Paul

Losses on forex in situations like this generally result in a capital loss - ie it can be used against a capital gain.

Note that the loss doesn't actually qualify for any relief until it is realised, so it needs to be repaid before it can be used.

David