Purchase of Freehold a tax deductable expense?

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  • SarahJQ
    replied
    cheers Gordon, many thanks for our prompt response.

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  • Gordon999
    replied
    No , you cannot claim freehold cost as an expense against rental income. It is a capital expense which can be claimed after you sell your flat for calculation of cgt.

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  • SarahJQ
    started a topic Purchase of Freehold a tax deductable expense?

    Purchase of Freehold a tax deductable expense?

    Just completing my tax return & looking for guidance on whether the purchase of a share in a freehold is a tax deductable expense or not? I own a leasehold flat and together with the other flat owners bought the freehold from the Council in February last year, for £2500 including legal expenses. I let the flat & the net rental income is healthy so it would be useful if I could claim this an expense to offset the income.

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