Hi All. I'm new here.
I have been letting a property for the last 3 years and the tenants have just moved out. Sadly they didn't leave it in a very good state and it needs complete refurbishment before I can rent it again.
I am aware that I can claim against the revenue for the paint, emulsion, damaged pane of glass, and missing bath panel. I am a little confused over the kitchen and carpets though. Everything I've read said 'improvements' cannot be claimed back. It definitely needs a new kitchen and carpets before I can let it out, but a new kitchen and carpets throughout are clearly going to increase the property value and 'improve' the property. These will be the biggest expenses of all - so can I claim on these?
Also completely different questions - I lived in the property for several years before renting it out, and now it has just gone over 3 years allowance so will one day be liable for CGT. I spent £14k buying my ex out at the top of the market in 2006, then continued to live there for a few years. Will the £14k which was added onto the mortgage at that point be deductible, or will they expect me to pay CGT on this £14k aand only take into account the original amount myself and my ex bought it for?
Any help much appreciated.
I have been letting a property for the last 3 years and the tenants have just moved out. Sadly they didn't leave it in a very good state and it needs complete refurbishment before I can rent it again.
I am aware that I can claim against the revenue for the paint, emulsion, damaged pane of glass, and missing bath panel. I am a little confused over the kitchen and carpets though. Everything I've read said 'improvements' cannot be claimed back. It definitely needs a new kitchen and carpets before I can let it out, but a new kitchen and carpets throughout are clearly going to increase the property value and 'improve' the property. These will be the biggest expenses of all - so can I claim on these?
Also completely different questions - I lived in the property for several years before renting it out, and now it has just gone over 3 years allowance so will one day be liable for CGT. I spent £14k buying my ex out at the top of the market in 2006, then continued to live there for a few years. Will the £14k which was added onto the mortgage at that point be deductible, or will they expect me to pay CGT on this £14k aand only take into account the original amount myself and my ex bought it for?
Any help much appreciated.
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