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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13914
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Can I set of cost of borrowing (loan taken to invest) against

Customer Question

Can I set of cost of borrowing (loan taken to invest) against chargeable gain on Shares?
Submitted: 3 years ago.
Category: Tax
Expert:  Sam replied 3 years ago.
Hi

Thanks for your question

I am afraid not, as you get the benefit of the purchase price instead, not the funs to pay for them.

Thanks

Sam
Customer: replied 3 years ago.

Just to be clear. Meant to say 01/02 and 11/12. I took a second mortgage to take this investment. Can I report this gain under any other tax regisme other than CGT/ Thanks.

Expert:  Sam replied 3 years ago.
Hi

No - as you get the benefit of the purchase costs of shares when you come to sell them. And of course any legal fees to facilitate the purchase and the sale

Thanks

Sam