Agents cautioned on deductibility of buy to let expenses

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Buy to let (BTL) investors and their advisers taking a generous view of whether an expense is wholly and exclusively for the purpose of the rental income business were reminded of the importance of the disclosure rules by tax lecturer Brian Ogilvie of Chantrey Vellacott DFK at AccountingWEB's property tax seminar this week. AccountingWEBs Rachel Sparks reports.

"The recent case of AB (A firm) v HMRC (SpC 572) offers a reminder that the wholly and exclusively rule remains unyielding and that accountants must also consider both existing case law and HMRCs view as divined from their business and Property income manuals", Ogilvie warned the audience at the Assembly Rooms in Newcastle on 4 September.

The lecturers observations emerged during a discussion of the deductibility of ref...

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