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A taxpayer inquired whether they could continue to claim tax relief for the repayment of principal and interest on a new loan intended to replace an existing one to obtain better terms. The Directorate General for Taxes (DGT) ruled that replacing one loan with another does not exhaust the right to tax relief, provided the new loan is used to repay the previous one.
Question posed: Possibility of continuing to claim the deduction for the acquisition of a primary residence for the amounts paid for the amortization of the principal and interest of the new loan, as well as for the expenses incurred by the change of loan.
The substitution or extension of a loan does not conclude the financing process nor exhaust the possibility of applying the deduction. The installments of the new loan entitle the taxpayer to a deduction in the proportional part attributable to the amortization of the original loan intended for the primary residence. However, if a debt cancellation is performed followed by a subsequent obtaining of credit without continuity between both, the right to the deduction for the new financing would be lost. The proportional part of the annual installments corresponding to an increase in the principal due to an extension shall not be subject to deduction.
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