CGT - allowable expenses

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  • Telometer
    replied
    Everything you mention, materials and labour.

    Leave a comment:


  • tstanford
    started a topic CGT - allowable expenses

    CGT - allowable expenses

    Can someone please let me know what expenses are allowable as deductions against CGT on sale of a rental property. The property in question was completely unliveable when I purchased it and I did extensive renovation to make it liveable, eg new kitchen, bathroom, heating, rewiring, windows etc. The builder that did the work only charged for his labour and I paid for all the materials - can I claim a deduction for the total amount of these costs or just the materials costs?
    thanks

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  • Reply to Is it an allowable expense or capital expense
    by Another Fine Mess
    If you dont mind me suggesting, If your Insurance Company is rejecting your claim you could get in touch with a Chartered Loss Assessor who would argue with the Insurance Company Loss Adjuster, its worth a phone call to one....
    24-05-2022, 16:30 PM
  • Is it an allowable expense or capital expense
    by shipboard
    I rent out a single property, during the winter storms the brickwork was damaged and the cheapest option to repair it was to render the Gable end and rear of the property. I tried to claim on the insurance but they maintained it was due to wear and tear, I am of course disputing this. My question is...
    24-05-2022, 10:04 AM
  • Reply to Is it an allowable expense or capital expense
    by gnvqsos
    I think the insurance company were right-the render must have been distressed to suffer storm damage. You can offset cost against income.
    24-05-2022, 14:36 PM
  • Reply to CGT query
    by Gordon999
    Hmrc rules allow transfers between spouses without cgt. The recipient spouse takes on the asset at the original purchase price.
    24-05-2022, 11:16 AM
  • Reply to Is it an allowable expense or capital expense
    by Gordon999
    I agree with jpk : it is a maintenance expense which is claimed against rental income....
    24-05-2022, 11:12 AM
  • Reply to Is it an allowable expense or capital expense
    by jpkeates
    I'd say that's a maintenance cost and would be allowed against income.
    It would affect the value of the property, but only to restore it to the level that it was at prior to the damage (plus the general positive effect of any large maintenance work).
    24-05-2022, 10:53 AM
  • CGT query
    by vik238754
    Hello. Since 2013 my wife and I own a property as tenants in common where the beneficial interest split is 90% her and 10% me. We are now looking to sell the property. I have a large CGT loss and using the HMRC CGT calculator I have calculated that if I change the split to 70% me and 30% my wife...
    23-05-2022, 19:37 PM
  • Reply to CGT query
    by jpkeates
    What you are planning to do is routine and HMRC will accept the change as a matter of routine admin.
    24-05-2022, 09:13 AM
  • Any property tax experts you can recommend please?
    by mpppen
    Hello,
    We have a small BTL portolio of five properties. Some are in our personal names and the latter ones in a property company we set up a few years' ago when the tax rules changed.

    I'd really like to find someone who can advise us of the best way of either bringing the personal...
    03-03-2022, 20:00 PM
  • Reply to Any property tax experts you can recommend please?
    by Trevor62
    I like the Idea of knowing that my children will get my property oneday but would like to avoid as much interaction from these legal people as possible....
    23-05-2022, 17:36 PM
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