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Djpix99

Buying expenses - Tax question

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I'm in the process of buying a single let in my own name, from reading up it doesn't look like any buying expenses can be claimed as expenses when completing a tax return. I've looked around but struggled to find a pretty comprehensive list of what buying expenses if any can be offset, can anyone send me any decent list?

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All your buying expenses will be off-settable against any Capital Gain when you sell it so keep all your paperwork. These will include surveys & solicitor's costs.

If you have to do a major refurb these costs will also be off-settable against CGT. If you just do a little repaint then you can probably putts against your letting costs.

Bottom line is everything will be off-settable against income or capital gain but not both! 

Look on the HMRC website - they have quite a lot of good advice..

 

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The Costs that I'm wanting to offset against income are: mortgage advisors fee and mortgage product fee (which has been added to the mortgage. I have spend sometime on HMRC website and Google but can't get a definite answer.

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I would suggest they are both costs of the buying process and so will be off-settable against CGT when you sell. If you were to remortgage in the future then the same costs in the remortgage process would be off-settable against income but I'm afraid not when you first buy.

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