Abortive sale costs for sole trader

Any tax relief available?

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Hi 
My client is a sole trader and has just pulled out of the sale of the business.  They will incur legal fees and agency fees.  What tax relief is available for them on these costs?  I doubt it's a revenue expense but equally don't think it should be offset against the eventual capital gain when a sale does go through.  But surely some tax relief is available? Help please! 

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By FactChecker
17th Jun 2024 12:11

"But surely some tax relief is available?"
Why?

"I doubt it's a revenue expense but equally don't think it should be offset against the eventual capital gain when a sale does go through."
So what else did you have in mind?

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paddle steamer
By DJKL
17th Jun 2024 12:20

You can pick through fees etc re the abortive sale and see if any of the work done might be considered as used re a later sale.

From experience this can be limited, but we have done eventual sales where the offer to sell our solicitors created was used on the later sale (with a few edits re name etc), and title researches done etc were used within the eventual sale. (Commercial Property sales)

What sort of info pack was created/what parts of it might be of use re later sale?

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By taxdigital
17th Jun 2024 12:52

anonacc wrote:

Against what?
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