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Capital Gains on Property deduction question
edgarina
Posts: 13 Forumite
Selling a Buy to Let property and making approx 40k.
Old property lots of work done which I understand is usually maintenance and not claimable.
I understand a complete re-wire might be claimable as didn't meet standards so had to be done.
I also changed the nature of the property from 3 beds to 2 beds as the "extension" was little more than a lean-to resting on the concrete backyard. This involved ripping the extension (bathroom) down and placing a bathroom in what was the 3rd bedroom, where I believe the original bathroom would have been many decades ago. Is this claimable again CGT?
Old property lots of work done which I understand is usually maintenance and not claimable.
I understand a complete re-wire might be claimable as didn't meet standards so had to be done.
I also changed the nature of the property from 3 beds to 2 beds as the "extension" was little more than a lean-to resting on the concrete backyard. This involved ripping the extension (bathroom) down and placing a bathroom in what was the 3rd bedroom, where I believe the original bathroom would have been many decades ago. Is this claimable again CGT?
0
Comments
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Generally the cost of any work done immediately after purchasing but before first letting the property..... E.G. to meet legal requirements, make habitable etc is considered to be part of the purchase cost when calculating CGT.0
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