My client has received rental income from a property he purchased a few years ago. In 2021/22 his wife became joint owner, from which time rental income will be shared equally between the couple. Solicitor's fees were incurred in effecting the transfer/registering the the Land Registry etc.
Are these legal fees etc allowable against rental income received in 2021/22? I'd have said not, but just wanted to check...
Thank you.
Replies (3)
Please login or register to join the discussion.
https://www.accountingweb.co.uk/any-answers/transfer-of-property-to-spou...
This discuses the costs for CGT
Maybe those costs that wife incurred were in the nature of costs of aquisition
But for setting against rent income? I vote no