Just sold a B2L ! Tax question....

[big ant]

We have 4x B2L, and just sold 1 of them.
The solicitors and estate agents costs - can we ofset these against our Income from the B2L rentals ?
Thanks,
Big Ant

[LC23]

These are a cost of the sale, not a cost of renting the property. These can be offset against any capital gain made.

[uuf361]

LC23 said:

These are a cost of the sale, not a cost of renting the property. These can be offset against any capital gain made.

+1, as can the purchase costs of a similar nature IIRC (but I think in that case the property would need to have been bought as a BTL in the first place)

[big ant]

OK, thanks for replies. Sadly, just gone Offshore, so no CGT to pay....and thus, no expense to offset against UK derived and taxable income. Ho hum. Cheers.

[Wings]

big ant said:

OK, thanks for replies. Sadly, just gone Offshore, so no CGT to pay....and thus, no expense to offset against UK derived and taxable income. Ho hum. Cheers.

Good for you, looking to do the same, both sale one or two multi lets and go off shore.

[LC23]

big ant said:

OK, thanks for replies. Sadly, just gone Offshore, so no CGT to pay....and thus, no expense to offset against UK derived and taxable income. Ho hum. Cheers.

How long have you gone offshore for? If you have been resident and ordinarily resident in the UK up to this point then this gain is still liable to UK CGT if made in the tax year of your departure. If realised in intervening tax years then you will need to be non UK tax resident for 5 complete UK tax years to avoid UK CGT.