Hi All,
If I was to Exchange Contracts now for the purchase of a property that was going to Settle after the end of the current financial year, and I pre paid expenses for the next financial year (when I would own the property) during the current financial year prior to settlement, would those expenses be deductible as normal?
Obviously the issue here is that I would not technically be the owner of the property at the time the expenses were paid, but would be paying after I had committed to the purchase and for a period when I would be the owner.
Thanks,
MF35
If I was to Exchange Contracts now for the purchase of a property that was going to Settle after the end of the current financial year, and I pre paid expenses for the next financial year (when I would own the property) during the current financial year prior to settlement, would those expenses be deductible as normal?
Obviously the issue here is that I would not technically be the owner of the property at the time the expenses were paid, but would be paying after I had committed to the purchase and for a period when I would be the owner.
Thanks,
MF35