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A taxpayer has enquired whether they can continue to claim tax relief for investment in their main residence after redeeming their original mortgage and taking out a new one with improved terms. The Directorate General for Taxes (DGT) has ruled that replacing a loan with another that carries the same guarantees does not extinguish the right to the deduction.
Question posed: Possibility of continuing to claim the deduction for investment in the primary residence for the amounts paid for the amortization of the new loan. If affirmative, whether it can also be claimed based on the global expenses incurred in the cancellation and establishment of each loan, respectively.
The substitution of one loan for another, while maintaining the guarantees and conditions, does not imply the conclusion of the investment financing process. The amortization installments, interest, and costs of establishment or cancellation of the new loan entitle the taxpayer to the deduction in the proportional part attributable to the original loan. It is necessary that the new loan is effectively used for the amortization of the previous one and that its purpose linked to the primary residence can be proven. The deduction is not permitted if there is a break in continuity between the cancellation of the debt and the obtaining of the new credit.
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