Early Redemption Fee

Hi, Please can somebody advise where the early redemption fee for my property should sit within my tax return. I understand you cant offset it again CGT, where does it go on my self assessment?

Hi Stephen Dobb,
You cannot claim this as an expense so there is nowhere to declare it.
Thank you 
 

How can that be right? It's a cost associated with selling the property. You can't sell the property currently without paying it. Tax is paid on income, if your income goes down because you have to pay a charge how can you be taxed on money that you haven't had?

Hi,
The early redemption fee is paid because you paid up a mortgage early. This was your choice and that is why it is not able to be claimed.
Thank you.

Thanks for the response. I have crunched the numbers and it would be be more beneficial for someone to keep the property empty for the foreseeable until the deal ends and incur some smaller costs. Thanks for the advice

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