Costs and fees for aborted purchase - tax deductible this year?

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    Costs and fees for aborted purchase - tax deductible this year?

    Hi, first post on here. I've got 4 houses in my portfolio and was looking to add a further one this year. Found the property and had survey completed, secured a B2L mortgage but with an up-front booking fee and incurred some legal costs (searches etc). All in about £1500.

    The sale has now fallen through due to some legal technicalities that I could do without so my question is whether those costs I've incurred are an allowable expense for this year's tax return?

    Thanks in advance
    Tim Wright

    #2
    Such abortive expenditure is usually not allowable - either for Income Tax or CGT.

    However, as you have a few properties, you might be able to argue that they are general expenses of management.

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