Home improvement - for EPC Standards ... Tax questions / advice.

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    Home improvement - for EPC Standards ... Tax questions / advice.

    Hi peeps,

    I wanted to pick your brains.

    One of my letted property was highlighted as D with a few bits to shove it into the C band.

    I'm thinking long term though ( as it was originally my home and have no intention of selling it).

    I"m thinking of Solar Panels - is there any way to get any tax brake for this or any home improvements at all?

    Sadly I wasn't a landlord during the years that the government offered the tax relief to get EPC up to scratch ?

    Can you class this as ' repairs'? What about other things like new boiler - ???

    Also what are peoples experience of the 'Green Deal' and tenants responses to this?

    Any advice welcome.

    Thanks

    Ash

    #2
    if it's an improvement you can only claim this against capital gains.

    if you replace things like a boiler this is considered replacement or repair the boiler and is deductible against income. This assumes there is already existing boiler, if there isn't an existing boiler this classes as improvement and again offsets against capital gain. if this boiler breaks and is repaired or repalced offset against income

    although why are you increasing it from D to a C no need it's only E or below that need to make amends.

    Comment


      #3
      There's no need to alter if it's an E either. Its only F and G that needs to be made more efficient

      Comment

      Latest Activity

      Collapse

      • CGT Relief for PP ?
        JimmyJ
        This relates to a property that was our family home for a number of years then which we rented out for a number of years and which we then sold. I understand about the CGT reliefs for private residence and rental periods. But when we put it on the market we were advised by the agent to a) repaint the...
        12-10-2019, 08:38 AM
      • Reply to CGT Relief for PP ?
        Gordon999
        The work ( painting rendering ) was requested by the estate agent and should be charged as a " sale preparation cost " . This cost should be treated as similar to estate agent's commission and advertising cost , and charged against the sale price ....
        12-10-2019, 21:01 PM
      • Reply to CGT Relief for PP ?
        AndrewDod
        Disagree with you on this one JP. HMRC give pretty clear examples:

        Explanation A repair to an asset restores it to what it originally had been and is normally an allowable revenue expense. For example the cost of replacing roof tiles blown off by a storm. The cost of alterations, however,...
        12-10-2019, 19:12 PM
      • Reply to CGT Relief for PP ?
        JimmyJ
        Just to clarify. It was empty at the end of the previous tenancy because the tenants didn't want to renew for a short period and I didn't want to renew for a year , so as not to compromise the sale. During the empty period I tried to let it short term but that did not happen....
        12-10-2019, 13:16 PM
      • Reply to CGT Relief for PP ?
        jpkeates
        A property remains part of a rental business until sold*, even if the last tenancy ends some time previously.
        Painting to increase the capital value can be a capital expense (or could equally be maintenance).

        *Or the landlord moves into it, converts it to a holiday let etc etc.
        12-10-2019, 12:47 PM
      • Reply to CGT Relief for PP ?
        AndrewDod
        Although painting is never a capital expense unless it is something highly unusual. Not everything is a capital expense - especially if it replaces or maintains something that was there. If the repair is something that tends to be reoccurring or could be recurring -- repair of existing appliances,...
        12-10-2019, 11:30 AM
      • Reply to CGT Relief for PP ?
        JimmyJ
        Thanks for the prompt reply - Jimmy...
        12-10-2019, 10:22 AM
      • Reply to CGT Relief for PP ?
        jpkeates
        If the work was done while the property was part of the business (between it being let and sold) they're capital expenses for the business.
        12-10-2019, 09:05 AM
      • Sole owner of property, splitting income with Wife
        tommys
        Hello,

        can someone please advise on this scenario:

        1. I own the property and my name is on the mortgage and the title
        2. Can I split the income with Mrs 50/50? (married partner).


        I am getting told if i were to die then the property will goto Mrs...
        11-09-2019, 16:18 PM
      • Reply to Sole owner of property, splitting income with Wife
        jpkeates
        A basic trust for an owner and non owner varies the beneficial ownership and not the title ownership.

        They're available from a couple of on line conveyancers and seem to have been originally designed to formalise the trust element of beneficial ownership - where someone pays a deposit and...
        10-10-2019, 13:28 PM
      Working...
      X