FINAL ACCOUNTS

m1ntie

 I recently sold my home, (October 2019) which I had owned since Jan 2004 and lived in with lodgers until 2014 when I let it on an Assured Short Hold  Tenancy for approx the  last 5 years. Both the lodger income and the AST income were declared  under self assessment and tax paid. I am in the process of filing my accounts for the final year and  I am aware I will have a CGT liability and will be able to offset my selling costs against the gain.
  
What I am unsure of however, is if I can also offset them against my profit for the final year?

Thanks

[Deleted User]

No - is the short answer. Selling costs are capital costs and only be utilised against the potential profit on the sale of the house.

TripleH

Per above. You can't offset against capital gains AND profit on income. 
Think of it like an apple, two people can't both eat the same apple.

m1ntie

OK thanks, thought it would be the case.

[Deleted User]

TripleH said:

Per above. You can't offset against capital gains AND profit on income. 
Think of it like an apple, two people can't both eat the same apple.

Just to clarify - you can’t set them against income at all.

Jeremy535897

Lettings relief may reduce or eliminate your gain as you sold prior to 6 April 2020. See:
https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-2019