6.8 What expenses are deductible in calculating the profits of the property business?
6.8.1 A summary of the most common types of property expenses
The legislation does not set out an exhaustive list of the type of expense that qualifies for a deduction against rental profits. This means that, in theory, a wide variety of expenditure is capable of benefiting from relief, provided that the expense is revenue and satisfies the wholly and exclusively rule.
The following are the most common types of revenue expenses that qualify for a tax deduction:
•finance costs, such as interest and fees in respect of bank borrowings taken out to acquire the property assets;