Auctions fees

Hi Please can you advise if Auction fees are tax deductible? Thank you

Hi,

Please can you confirm against what type of income?

Thank you.

I brought a Buy to Let at Auction are these fees tax deductible?

Hi snoop dogg,
If you are referring to rental income, no. these would be deductable when it comes to selling the property and potential capital gains tax.
Thank you.

Hi Admin 20 So when buying a property at auction the buying cost as not deductible expense? I was thinking legal and mortgage setup costs are deductible? just like estate agent fees are deductible, can you provide the link that shoe auction costs are non deductible? Many thanks

Hi snoop dogg

Please refer to PIM2120 - Deductions: main types of expense: legal and professional costs - the auction fees are to buy the property and not part of arranging finance and as such are capital expenditure and would be deductable against any potential capital gain.

Thank you