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Remortage costs on rental property - tax expenses?
LEP
Posts: 137 Forumite
I am remortgaing a rental property and have to pay the following fees. Can I claim any/all of these as tax expenses?
Money transfer fees £82
Notice fee £72
Mortage exit fee £195
Money transfer fees £82
Notice fee £72
Mortage exit fee £195
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Comments
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Incidental cost of finance are allowable in the same way as mortgage interest, ie they are treated as an allowance restricted to 20% rate.0
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The Notice fee £72 is a legal cost payable to the Leaseholder (the property is a flat) so can I claim that as a normal expense?0
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What was the reason for the legal cost? What service did it provide?0
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LEP said:The Notice fee £72 is a legal cost payable to the Leaseholder (the property is a flat) so can I claim that as a normal expense?
Presumably you mean Freeholder and the cost is associated with notifying the Freeholder of the new mortgage interest. In which case I think it is still an incidental cost of obtaining finance as the sole purpose of the expense due to raising finance.
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