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bigduckontax
bigduckontax, Accountant
Category: Tax
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I would like to understand if I can offset (as tax

Resolved Question:

Hello,I would like to understand if I can offset (as tax deductions) any or all of the following finance charges associated with re-mortgaging my buy to let property against rental income:1. Product fee for the mortgage (£1,495)
2. Solicitor's fees for completing the re-mortage
3. Additional charges imposed by the lender for the re-mortage (e.g. Telegraphic transfer fee, admin fee etc.)Thanks, Peter
Submitted: 27 days ago.
Category: Tax
Expert:  bigduckontax replied 27 days ago.

Hello Peter, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

In my opinion these are not chargeable against rental income. They do, however, increase the acquisition value of the buy to let property for capital gains tax (CGT) purposes to reduce the gain on ultimate sale. You could always try offsetting rental income, HMRC might wear it.

I do hope that you have found my reply of assistance.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 25 days ago.

Thank you for your support, Peter.