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HMRC internal manual

Capital Gains Manual

Expenditure: professional fees

You should allow a deduction for fees paid to a professional adviser only to the extent that they are directly referable to the cost of acquiring or disposing of each particular investment. To the extent that the fees relate to advice about the general state of markets or the prospects of particular forms of investment or the management of a portfolio, they are not allowable.

You should not allow a deduction for subscriptions for periodicals or for publications by analysts, stockbrokers or other professional advisers, whether for public or private circulation. Other similar types of expenditure are not allowable.

Accountant’s fees are allowable only to the extent that they relate to the ascertainment of market value of the assets or to any apportionment for the purposes of the computation. Otherwise, fees for the computation of liability are not allowable. It follows that, in the case of quoted securities, allowable accountancy fees will usually be very small. In respect of any extra accountancy fees incurred in agreeing a valuation, see CG15260.

For expenses of executors, see CG30550+.