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Mortgages and boats...

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Can mortgages be obtained on boats in UK if they would be your main (only) residence?

Are boats allowable as a tax emption as a first second home/

Are boats allowable as a business expense to set against tax. eg you use it to entertain clients - even if you live and work on it?
 
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You can get a marine mortgage for using the boat as your home. All they are interested in is this ;;; can you afford the monthly premiums if so and everything else is sound then they will just set the remaining balance against the boat; same as a house.....
 
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Capital gains tax exemption

would not work for the brutally simple reason that you wont make a capital gain selling a boat!
 
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A "Marine Mortgage" may not actually be that at all. it is more likely to be a Personal Loan with a few bits bolted on to disguise its true identity.

Be wary of the ones which have fixed payments and a varying term as they can in times of rising interest rates turn a ten year deal into a twelve year one. Most of the major players who advertise in the Yachting press ofer this type of contract. Also the interest rate will only be marginally better than going to Tesco Personal Finance for example. Although a Personal Loan has a fixed term AND a fixed rate of interest you at least know that you will pay it off by a certain date.

The best way to get a variable rate loan is to take out a further advance against your existing home property and when it's arranged apply to your lender for a fresh discounted deal.However if you intend to liveaboard you won't have a home mortgage.

No loan interest is currently tax deductible - this was lost at the abolituion of MIRAS last year. If you use part of your home for any business then you can set a portion of the interest off against tax but you and your accountant will have to be confident that you can convince the revenue of the genuineness of this if challenged in an investigation.

Exemption from Gapital Gains tax (CGT) on the disposal of business assets is now on a sliding scale but as Andrew Craig-Bennett says this is hardly likely to arise on a pleasure boat!

I'm putting together an article on Financing Pleasure Boats. If anyone buys it I'll go into greater depth there. -sorry is this a plug?

Steve Cronin
 
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Financing Pleasure boats

Where will we be able to read the article.

No it isn't a plug. Its advance advice on forthcoming information.
 
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Re: Financing Pleasure boats

We're off to deliver the new Mary Flavin to her charter berth in Athens on Thursday. I have promised an article on that - full length of the Adriatic, Gulf of Corinth, Corinth Canal etc so when that is finished I will pick up the bits for the Money Info bit. I'm only an amateur scribe not up to the standards of Marian, James & Duncan but my "source of funding for sailing" (ie work)is in mortgages and things financial.

Steve Cronin
 
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