Allowable deductions when purchasing a property
2 posts • Page 1 of 1
by Emma001 on Wed Mar 10, 2004 10:23 am
I am planning on buying a 2 brm house for £260,000 and living in 1 room whilst renting the other to a lodger. I understand that I need to pay 3% stamp duty however can I offset this fee against my personal income? The house also requires a fair amount of refurbishment, can I depreciate this against my tax bill.
- Emma001
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- Joined: Wed Aug 06, 2008 3:09 pm
by Ian McTernan CTA on Sun Mar 14, 2004 12:02 pm
No and probably no. Stamp duty is a tax and hence not relievable. Refurbishment is a bit trickier- some of this may qualify to be offset against the rental income but certainly not against your other income.
Suggest you read 'taxation of rents' on the Revenue site www.inlandrevenue.gov.uk as a good starting point, as well as make sure there is a demand in the area for lodgings.
Ian McTernan CTA
McTernan Associates Ltd
Chartered Tax Advisers
ian@imcternan.com
Suggest you read 'taxation of rents' on the Revenue site www.inlandrevenue.gov.uk as a good starting point, as well as make sure there is a demand in the area for lodgings.
Ian McTernan CTA
McTernan Associates Ltd
Chartered Tax Advisers
ian@imcternan.com
- Ian McTernan CTA
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- Joined: Wed Aug 06, 2008 3:02 pm
2 posts • Page 1 of 1
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