Capital gain on non main residence - Expenditure but no invoices

UKSBD

I have a 2nd proprty which hasn't been my main residence for about 10 years.

Lived in it for 25 years before then and know approximately how to do the capital gain calculation if I sell it.

The thing is, it was completely derelict when I bought it, not just a bit rough, derelict

I had to do everything, put on new roof (new rafters, joists, slates, everything), new kitchen, (it had a belfast bowl and water from an electric water heater), new bathroom, wiring, heating, plastering, everything, far more than just maintemance costs

Problem is, this was 30+ years ago and I have no reciepts

10 years ago I did similar, new flat roof, kitchen, bathroom, heating system

I have a few of the receipts from what I did 10 years ago, but not all of them

If I do eventually sell and come to do the capital gain calculation, will they accept an estimate on the cost of the improvement works or do they insist on receipts?

Hoenir

Clearly put

To claim capital allowances to offset any capital gain, requires evidence in the form or receipts, as they quantify the costs of the enhancement. Photographic evidence will show that improvements were made, but do not prove the financial cost of the improvement or whether they are qualifying or not.

Kendinski

I recently submitted a CGT on line and gave figures for kitchen, roof, heating etc but did not provide any receipts. The notes say you should provide evidence of work if asked. I had a surveyors report with photos but have not had to send anything.

sheramber

Bollocknaked said:

I recently submitted a CGT on line and gave figures for kitchen, roof, heating etc but did not provide any receipts. The notes say you should provide evidence of work if asked. I had a surveyors report with photos but have not had to send anything.

How recently?

HMRC process now, check later.

theartfullodger

An expensive lesson learned?

So no bank records of any payments?? (eg old statements??)

I've had similar.  Were these works paid for in cash as well as no receipt??  No invoices?? Could your esteemed suppliers who did the work not find their old records showing payments to them or invoices sent?? Have you asked them?? 

I've had similar issues, had the swallow the costs and contemplate my naivety & stupidity.

Clearly the government (all varieties) can change the laws & regulations over taxes.  An there are more than 12 taxes a landlord may pay - need to monitor more than just income ta - so what they'll need at some time in the future is not known, albeit current rules a good starting basis for records (eg some expenditure may in future be claimable or, indeed, no longer claimable ).

Presumably you've records of SA tax returns for any rental income?? Might have some semi-evidence from those... 

Best wishes to all.

Bookworm225

you are required to declare that you have used estimated (or unsupported) expenditure in your calculation

it is up to HMRC whether they then contact you for more info - if they do and you can't justify your figures then woe betide you.