Any Tax Experts? BIK On A Mortgage
Discussion
Looking for some guidance here.
I have access to a preferential mortgage rate that will be classed as a taxable benefit. I can use this rate on part of my mortgage with a standard rate on the remainder.
The preferred rate is below HMRC's 2.5% rate and the standard rate is above the HMRC rate.
My employer provides a calculator that shows my tax liability reduces because of the portion above the HMRC rate but my question is.... Is this correct or am I just taxed based on the preferential portion of the mortgage?
The difference is £50 a month so worth checking!
I have access to a preferential mortgage rate that will be classed as a taxable benefit. I can use this rate on part of my mortgage with a standard rate on the remainder.
The preferred rate is below HMRC's 2.5% rate and the standard rate is above the HMRC rate.
My employer provides a calculator that shows my tax liability reduces because of the portion above the HMRC rate but my question is.... Is this correct or am I just taxed based on the preferential portion of the mortgage?
The difference is £50 a month so worth checking!
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