mar

1) If the Rent a Room Scheme applies and my yearly rental income is less than £7,500, can I claim mortgage interest as an allowable expense? 2) If the Rent a Room Scheme applies and my yearly rental income is more than £7,500, can I claim mortgage interest as an allowable expense? 3) Regarding: "From 6 April 2020 Income Tax relief on all residential property finance costs is restricted to the basic rate of Income Tax" - what does that mean?

If I own a studio apartment as a first-time buyer, which is my primary and only residence, and I rent out the entire apartment for up to 90 days a year on Airbnb while I am abroad on holiday or visiting family, but live in the apartment for the rest of the year, which tax scheme or classification would this arrangement fall under? Additionally, is my mortgage interest a deductible expense?