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Tax payable by freeholder on extension of leasehold?
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gipsybabe
Posts: 14 Forumite
I’ve recently purchased the freehold of the building I live in for £10K which has two flats. I am the leaseholder of my flat. The other leaseholder will be extending her lease soon. Will I be liable for CGT or any other tax on the £5K cost of her extension . Thank you.
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Comments
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Any forumites able to advise? Thank you.0
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depends on lease length and method of "extension", but it is taxable
HS292 Capital Gains Tax, land and leases (2023) - GOV.UK (www.gov.uk)
lots of other guidance via google
Tax and residential lease extensions - Edge Chartered Certified Accountants (edgeaccountants.co.uk)
come back if you can't understand specific points
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Thank you Bookworm1050
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