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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15940
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I look aftr an estate which has realised sale of a leasehold

Resolved Question:

I look aftr an estate which has realised sale of a leasehold flat 5 years after the death of the owner. Can I deduct grd rent and service charges from the realised sum
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. I'm afraid that for Capital Gains Tax purposes, the ground rent and service charges are not allowable expenses. Had the property been let, those expenses would have been deductible from the rental income. I hope this clarifies the matter for you but let me know if you have any further questions.
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Customer: replied 1 year ago.
OK thanks for the prompt response!We'll just have to pay the bill and look big