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  • Tax

    Notice charges at purchase - tax deductible?

    When I purchased my BTL flat I had to pay a number of charges to the freeholder and management agent to receive various notices my solicitor had issued them with.

    Does anyone know if these are tax deductible?

    Diego

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    It's worth getting an authoritative view, if you don't have an accountant you could write to HMRC and ask them. My best guess is that it's capital.

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    Hi Diego,

    You have not stated what these charges were for, however, most charges connected to the purchase of a leasehold property are capital expenditure and, as such, cannot be deducted from the rental income. The types of expenses that can be claimed are items such as service charges and ground rent if you have had to pay a proportion of these.

    Hope that helps and best wishes,

    RITA4Rent

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    RITA4Rent (Rental Income Tax Advisors)

    Specialists in Landlord Taxation

    Recommended tax advisors of the Residential Landlords Association

    Follow us on Twitter @Rita4Rent

    clients (at) rita4rent (dot) co (dot) uk

    http://www.rita4rent.co.uk