20
Apr
2016
A question about : Lease Extension
I've just extended the lease on a property I rent out.
Can I use the amount paid(fee+admin) to reduce the yearly profit on the rental income?
eg.
I make Ј1,000 a year profit, but the lease and fees were Ј1,000 so I've not made anything this year so won't owe any tax?
Best answers:
- HMRC Property income manual. The attached link from 3rd paragraph onwards relates to renewal of lease on let property
https://www.hmrc.gov.uk/manuals/pimmanual/PIM2205.htm
Hope that helps - As my lease was over 50 years (before extending) I get to claim this back if/when sold against the capital gains.
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