Capital Gains Tax

KD1234

Hi , I have to declare capital gains on a second home . 

Improvements , I have installed central heating and double glazing in the property but do not have receipts for these works as it was over 10 years ago .

Can I use reasonable estimates for these works when doing my capital gains return ?

Thank you in advance . 

Jeremy535897

Neither of these expenses is likely to be regarded as enhancement expenditure reflected in the value of the property on disposal, unless they represented a very major upgrade that is still worth a premium after ten years. Merely upgrading from single to double glazing is now regarded as a repair. See https://www.gov.uk/hmrc-internal-manuals/property-income-manual/pim2030

KD1234

Jeremy535897 said:.

Neither of these expenses is likely to be regarded as enhancement expenditure reflected in the value of the property on disposal, unless they represented a very major upgrade that is still worth a premium after ten years. Merely upgrading from single to double glazing is now regarded as a repair. 

Hi Jeremy , thank you for that information . I wondered if you could answer another tax question as you seem knowledgeable on this subject. 

I need to do a tax return for a rental property . I am using a tax scouts calculator to work out the tax due . There’s a column which asks what is my annual salary . I work for a LTD company which I have a salary however I also receive dividends . Do I use both these figures or my salary only ? 

Thank you in advance . 

Jeremy535897

I have no knowledge of tax scouts, but I notice they have a dividend tax calculator.

dctrgre

I haven’t seen the calculator but i expect this is the bit that works out how much of the gain should be taxed at 18% and how much at 28%, which is based on your total taxable income.