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taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Can mortgage interest paid be included in the purchase price

Resolved Question:

can mortgage interest paid be included in the purchase price of a house when the house is sold in the capital gains tax calculations
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.

Thank you for your question..

Mortgage interest is a revenue expense and can only be offset against the rental income, I'm afraid. I am sorry if this is not the answer you were expecting.

Costs associated with the purchase of property (e.g. solicitor's cost, stamp duty etc) as opposed to financing the purchase can be added to the purchase price when calculating the capital gain for CGT purposes.

I hope this is helpful and answers your question.

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