Stamp duty as an expense on holiday let?

titchtitch

Hi All

Little confused on this after doing some digging around. We have a small holiday let we purchased this year and whilst organising my accounts I wondered if stamp duty can be set as an expense?

The flat is legitimately set up as a short term furnished rental and is then officially classed as a business rather than a rental property. I know the stamp duty can be offset against any capital gains tax in the future but wondered if it could be offset this year in my tax return instead?

Thanks

Tom99

Its a capital expense like the price you paid and legal fees. Your starting point for CGT when you sell at a profit in years to come. I think once you have it accepted as a holiday let you can apply to change council tax to business rates and if its under RV £12,000 then there are no rates payable.
You can also offset a lot more revenue expenses that a BTL but not SD.

titchtitch

Thanks for the advice. So we need to wait until we sell the property before we can deduct it from anything.

We have converted the flat to a holiday let so no rateable council tax already, but thanks for the heads up.

Cheers again and happy new year.

Tom99

There is a lot of stuff around about what you can claim/not claim. Here are just a couple I seem to have bookmarked:

https://www.sykescottages.co.uk/blog/furnished-holiday-let-tax-guide/
https://www.originalcottages.co.uk/letting-your-property/taxation-guidance

00ec25

Tom99 wrote: »

There is a lot of stuff around about what you can claim/not claim.

indeed, most of which is just a reworking of HMRC's Helpsheet HS 253

https://www.gov.uk/government/publications/furnished-holiday-lettings-hs253-self-assessment-helpsheet

titchtitch

Thanks all. Links very helpful.