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HMRC internal manual

Business Income Manual

HM Revenue & Customs
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Builders, property dealers & developers: legal and professional fees

Where taxable trade receipts would arise in respect of the sale of a property, the legal and professional fees incurred in the acquisition, development and sale of the property (including the cost of temporary mortgages or advances) should be allowed as deductions, but should be taken into account in any valuation of the land as trading stock.