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- How to Save Tax with an ‘EFRBS’(September 2010)
- Tax Savings for Entrepreneurs(September 2010)
- How to Buy the Trade and Assets of a Business Without VAT(August 2010)
- Fighting Property Values with HMRC(August 2010)
- How to Claim Relief for Trading Losses - And Don’t Forget Class 4 NIC!(August 2010)
- A “Business” is Better!(July 2010)
- Non-Dom ‘Loopholes’ – Bringing Money Into The UK Tax Free(July 2010)
- Using Your Own Car for Work(June 2010)
- Tax Relief Boost for Business Owners(May 2010)
- Will we be liable for stamp duty on our first UK property purchase?(December 2011)
- If I purchase a van may I claim this against my properties' capital gains?(December 2011)
- How can I tackle the tax man’s demands?(October 2011)
- I am an ex director of a now dissolved company what is my position and the tax position of the company?(October 2011)
- Do We Have to Pay Both Class 2 and Class 4 Insurance Contributions?(October 2011)
- Is Stamp Duty Due on Swap?(October 2011)
- Can HMRC Claim Tax on Gifted Properties?(October 2011)
- Can a UK Company Purchase an Italian Property?(September 2011)
- Are Lease Extension Fees Allowable?(September 2011)
- Will I Have to Pay Capital Gains Tax (CGT)?(September 2011)
Are Lease Extension Fees Allowable?
We had to pay a survey fee and also a Landlords’ Solicitors’ Fee for the purpose of extending the lease. Are these fees deductible against rental income?
Arthur Weller Replies:
Have a look on the HMRC Property Income Manual page PIM2205 (www.hmrc.gov.uk/manuals/pimmanual/pim2205.htm ). There you can see that it says:
"The normal legal and professional fees incurred on the renewal of a lease are also allowable if the lease is for less than 50 years."
However, there are some other conditions involved and it is necessary to read the whole page to decide whether the costs in your particular scenario are capital or revenue.
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- Transport Capital and VAT Allowances(November 2009)
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