Although not deductible for CGT, if the costs relate to raising of finance, then they can qualify as "incidental costs of finance" for Income Tax purposes - even if abortive.
Investment Companies can deduct qualifying management expenses.
Can I claim costs of property I didn't end up buying
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if done through a ltd co absolutely, done personally no chance. Got burned with exactly the same thing only for the tw** to put the same property up for sale with same agent again 6 weeks later.
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Can I claim costs of property I didn't end up buying
I was in the process of buying my first buy to let. The sale fell through at the last minute as the vendor pulled out. I have incurred about £1.2k of expenses. (Mortgage fees, survey, lawyer fees). Is there anyway I can claim these expenses on my tax return. Dont normally fill in a tax return.
If so, would the cost of survey and legal fees be a capital loss?Tags: None
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by mpppenHello again.
Just wondering if someone can advise.
If I sell a BTL to my children who do not own their own property, I understand that they'll get the stamp duty relief.... two questions then.
If they're buying the £350,000 jointly, does the relief count for...-
Channel: Tax Questions
03-07-2022, 21:52 PM -
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Reply to SDLT and first time buyersby DoricPixieHow old are these children if they have yet to go to university?...
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Channel: Tax Questions
04-07-2022, 22:50 PM -
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Reply to SDLT and first time buyersby jpkeatesIf the buyers are going to rent the property while they go to university, it may meet the criteria for Stamp Duty Relief but it may not.
It would be unusual for siblings leaving university to be able to commit to cohabit in a particular place when they graduate.
There's obviously...-
Channel: Tax Questions
04-07-2022, 15:14 PM -
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Reply to SDLT and first time buyersby AndrewDodApart from anything else, if you are selling the property to the kids, you are getting cash and they have a 100% mortgage - and then they are not actually paying a mortgage on 100% of 350K you will be paying it -- it is not a classic GROB, but risks falling foul of GROB rules - so when you die, even...
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Channel: Tax Questions
04-07-2022, 14:45 PM -
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Reply to SDLT and first time buyersby mpppenThanks.
Yes, the lender is happy to lend them 100% the purchase price so not gifting on our side. In essence, it's just removing it from our name into theirs as he is also our lender.
It's unusual I appreciate but it's a private commercial lender - if that makes sense. His...-
Channel: Tax Questions
04-07-2022, 13:55 PM -
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Reply to SDLT and first time buyersby AndrewDodA few other comments:
Depending where you are HMRC is not going to believe "no increase in value over past two years". An estate agent assessment may not be worth much at all. If challenged and HMRC do their own assessment you may be paying tax on a 20% uplift of 350K = quite...-
Channel: Tax Questions
04-07-2022, 13:45 PM -
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Reply to SDLT and first time buyersby mpppenThanks both.
The intent is for them to live there but they may want to rent it out while they go off to university. That's where I'm struggling as to whether the Stamp Duty relief applies or not.
CGT wouldn't apply as the property hasn't increased in value significantly since...-
Channel: Tax Questions
04-07-2022, 13:11 PM -
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Reply to SDLT and first time buyersby AndrewDodCapital gains tax?
Who assessed market value?
Are they actually paying for this?-
Channel: Tax Questions
04-07-2022, 08:35 AM -
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by ss112233This question is about allowable expenses for tax deduction.
Are letting agent fees for a 24 month lease(with a 16 month break clause) after a change of tenant considered as revenue or capital expenditure?
I use a cash basis for accounting. The fees were paid in two lump sums. One at the...-
Channel: Tax Questions
03-07-2022, 13:26 PM -
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by AndrewDodAbsolutely northing at all to do with capital expenditure
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Channel: Tax Questions
04-07-2022, 08:31 AM -
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