Self assessment - selling property - what is deductible?

KennyH1

I am selling a property and will not have any capital gains. When I submit my self assessment form can I claim estate agent fees, solicitor fees and other fees associated with the sale as deductible items?

Dazed_and_C0nfused

KennyH1 said:

I am selling a property and will not have any capital gains. When I submit my self assessment form can I claim estate agent fees, solicitor fees and other fees associated with the sale as deductible items?

Potentially yes.  But does it matter?

Isthisforreal99

What do you mean you will not have any capital gains?

KennyH1

Dazed_and_C0nfused said:

KennyH1 said:

I am selling a property and will not have any capital gains. When I submit my self assessment form can I claim estate agent fees, solicitor fees and other fees associated with the sale as deductible items?

Potentially yes.  But does it matter?

As the flat has been rented out for part of the financial year, I would need to declare the income via self Assessment. Therefore When submitting my self assessment form i want to know what fees/costs if any I can add as deductible items.
 

KennyH1

Isthisforreal99 said:

What do you mean you will not have any capital gains?

The property is selling for less than I paid for it, so therefore there is no gain.

Dazed_and_C0nfused

KennyH1 said:

Dazed_and_C0nfused said:

KennyH1 said:

I am selling a property and will not have any capital gains. When I submit my self assessment form can I claim estate agent fees, solicitor fees and other fees associated with the sale as deductible items?

Potentially yes.  But does it matter?

As the flat has been rented out for part of the financial year, I would need to declare the income via self Assessment. Therefore When submitting my self assessment form i want to know what fees/costs if any I can add as deductible items.
 

Maybe you need to rephrase your question then as your op was only concerned with CGT, and you went on to say there was no CGT payable so deductions would (normally) be of no relevance.

Isthisforreal99

Unless you are going to have potential gains in the future to set any loss against then it's pretty irrelevant what expenses you may be able to claim but to answer the questiion, yes those selling costs would be allowable.

p00hsticks

KennyH1 said:

Dazed_and_C0nfused said:

KennyH1 said:

I am selling a property and will not have any capital gains. When I submit my self assessment form can I claim estate agent fees, solicitor fees and other fees associated with the sale as deductible items?

Potentially yes.  But does it matter?

As the flat has been rented out for part of the financial year, I would need to declare the income via self Assessment. Therefore When submitting my self assessment form i want to know what fees/costs if any I can add as deductible items.
 

I think you need to get clarity on what deductions are allowable for  a CGT calculation and what are allowable against income ,as that's  two different things. 

sheramber

Any claim would be in your CGT  calculation.
 

You cannot claim them against other income.