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CGT on sale of Rental property
whitehartal
Posts: 36 Forumite
in Cutting tax
I've just sold a property that I've owned for 20 years.
Fully aware of the need to pay CGT on the profit, but I have a question re. offsetting.
I have the invoice from 2004 for the purchase, and so have all the figures to hand.
However - the property had some building work and improvements made to make it habitable. I cannot locate the invoices for this work (after multiple house moves in the last 20 years, they could be anywhere, or nowhere!!) but I know how much I spent on the work.
Presumably I can't now declare improvement costs to offset against CGT...or would HMRC overlook it?
To be fair, it only makes a difference of around £600 in CGT...but better in my pocket if possible!!!
Fully aware of the need to pay CGT on the profit, but I have a question re. offsetting.
I have the invoice from 2004 for the purchase, and so have all the figures to hand.
However - the property had some building work and improvements made to make it habitable. I cannot locate the invoices for this work (after multiple house moves in the last 20 years, they could be anywhere, or nowhere!!) but I know how much I spent on the work.
Presumably I can't now declare improvement costs to offset against CGT...or would HMRC overlook it?
To be fair, it only makes a difference of around £600 in CGT...but better in my pocket if possible!!!
0
Comments
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Did you originally offset these costs against your rental profits?0
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No, I didn't.Keep_pedalling said:Did you originally offset these costs against your rental profits?0 -
Not if they decided to take a closer look at your declaration.whitehartal said:I
Presumably I can't now declare improvement costs to offset against CGT...or would HMRC overlook it?0 -
You can claim, but should explain if the amount is an estimate. If HMRC ask for evidence, you can only say what you have said on here.0
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