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Tax return - buy to let property
Nikkimikki
Posts: 36 Forumite
in Cutting tax
I have a buy to let property and am currently undergoing the process to extend the lease on the leasehold property. My question is that is the cost of the lease premium and associated legal/surveyor fees deductible against the rental income from the property for income tax purposes?
Many thanks all!
Many thanks all!
0
Comments
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It will depend on how long the lease is to be extended by, I believe (whether it is for more or less than 50 years).0
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It will be extended for 90 years. So I’m guessing no deduction?
thanks0 -
My understanding is that any extension over 50 years is all capital, so you will be able to add the cost of extending the lease plus associated costs to the base cost of the building to work out the capital gain when you sell it, but there is no deduction from rent.1
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