remortgage fees

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  • King_Maker
    replied
    If the interest is deductible from rental income, so is the fee.

    Leave a comment:


  • jpkeates
    replied
    It depends what the remortgage fee was for (and assuming it's a BTL mortgage).
    If the mortgage fee is part of a capital purchase it's allowable against CGT when due, not income.
    If the fee is for a simple re-financing and against a property already part of the business, it's allowable against income (as are the other costs that would normally be capital related, like legal fees etc).
    If you're refinancing to make another asset purchase, it's probably not a revenue expense and is part of that capital transaction, and offset against CGT on disposal.

    Leave a comment:


  • halfax
    started a topic remortgage fees

    remortgage fees

    are remortgage fees tax deductable?

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  • Let Property Campaign.
    by armour
    Hi all,

    A friend of mine has been renting out a flat since 2004 and has not declared any of the income to HMRC in all that time.

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    No Neelix, I don't approve of tax evasion.

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  • Reply to Lease my primary residence to my own LTD company
    by Soparles
    Thanks guys, that’s all understood.

    The plan would be to retain all profits within the business to invest in BTL property, so no need for dividends.

    Thanks.
    22-09-2021, 10:51 AM
  • Lease my primary residence to my own LTD company
    by Soparles
    Hello,

    I own a property on a typical residential mortgage and I am moving to the south. My plan is to obtain a consent to let from my mortgage provider and let the property out as a holiday let. I do not plan to buy another property at this time nor do I want to transfer this property...
    21-09-2021, 07:15 AM
  • Reply to Lease my primary residence to my own LTD company
    by jpkeates
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    If it did, and the lender doesn't have an issue with it, my concern is clearly academic.

    The article you linked to is clearly separating itself from...
    22-09-2021, 09:57 AM
  • Reply to Lease my primary residence to my own LTD company
    by Gordon999
    ( a) I agree adding holiday let income to your own income ,tax on £50K at 40% = £20K , leaving you with £30K in hand .


    (b) If you let to Ltd Company at £10K, your tax = £4000.,

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  • Reply to SDLT Recovery on Selling Query
    by Gordon999
    I agree with jpk. Your entry cost is £200K. + £5K sdlt + conveyancing solicitor costs + Land Registry costs.
    22-09-2021, 07:47 AM
  • SDLT Recovery on Selling Query
    by Sol_1969
    Say my wife and I buy a house as a second house. We would pay SDLT at the current rate plus 3%.

    If in a few years' time we sell the house and the house has gone up by a considerable amount such that we have to pay CGT.

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  • Reply to SDLT Recovery on Selling Query
    by jpkeates
    SDLT is a cost associated with the purchase and can be deducted from the gain before tax is calculated.
    22-09-2021, 07:36 AM
  • Reply to Lease my primary residence to my own LTD company
    by Soparles
    Thanks for your detailed response jpkeates.

    I have already received separate advice from the lender regarding the consent to let so I am not particularly concerned with this point.

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    22-09-2021, 05:58 AM
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