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16 December 2014
New wheels? Company status; LFH and ER; What is a uniform?
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New wheels?
Is interest still eligible for tax relief after the asset has been scrapped?
In 2004 my client (and cycling companion) took out an interest-only mortgage to acquire his main residence. In 2006 he added a sub-account to this mortgage for a further £15 000 of borrowings to acquire a car that is used 25% for business.
This new borrowing was also interest-only but at a slightly lower rate than the original mortgage. Since...
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