Hi everyone
I have a client who jointly lets a property with his wife.
They have incurred remortgaging costs in the 2014/15 tax year, broken down as follows:
Solicitors fees £481
YBS Admin fees £199
Surveyor expenses £340
The mortgage is interest only.
Does anyone have any experience as to whether this expenditure is claimable for tax purposes or if it should be capitalised and later used in the CGT calculations?
I researched at my end and I am of the opinion that the expenditure should be included in the CGT calculations at a later date.
Replies (2)
Please login or register to join the discussion.
.
I would concur with John.
If you know zip all about property tax may I suggest you buy Cary Bayley's "How to Save Property Tax" from tax cafe.
Its written for landlords rather than accountants but it will give you a basic starting point.
Sorry and to add, its probably all an expense. I would think about spreading over the lifetime of the mortgage / product term and checking the statement very carefully for further fees.