Capital Gains Tax Query

U

Uskane

Guest
If you sell a site for housing, can you claim the cost of preparing documentation...re planning etc against it. I am selling a site and the cost of getting drawings etc has been €1600...can I deduct this from sale price for CGT?
 
I suspect that you can based on this but you really should get independent, professional advice and clarification on this.
5. Incidental Costs of Disposal

This is expenditure wholly and exclusively incurred by you for the purposes of the disposal e.g. cost of valuing, advertising and legal expenses.
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Uskane said:
If you sell a site for housing, can you claim the cost of preparing documentation...re planning etc against it. I am selling a site and the cost of getting drawings etc has been €1600...can I deduct this from sale price for CGT?
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Only legal and professional costs which relates to disposal of the asset. If the cost of preparing documentations is the requirement of the disposal then you can claim.
 
AFAIK costs of planning are not a deductable expense for CGT but I have seen people deduct same in practice and it has not been queried. Although since it is self assessment...I suppose only if a case were audited would this be looked at.
 
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