Partial Exemption

[Geoffrey Birtles]

When calculating partial exemption, do you use the Gross Interest received from the bank as the relevant figure, or are you allowed to deduct any interest you have paid to Clients and use the net amount?

[Darren Whelan]

Hi Geoffrey,

The ‘Standard’ calculation is is based on income only. So should be done based on Gross bank interest.

Hope this helps.

Darren

[Geoffrey Birtles]

I thought that was the case.

Thanks Darren

[Author]

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