Hi
My wife and I received a house from my parents when we got married 30 years ago. It was attached to a small farm which was also signed over to us at that time. My parents continued to live in it until their deaths, my wife and I never used it as our primary residence. Our daughter is getting married at the end of this year and we would now like to sign the house over to her on her marriage. She has lived in it forthe past four years and pays us rent.
I know we will be liable to CGT. But over the years we have made various inprovements to the house such as installing central heating, dry lining, replacing windows and various other jobs. However we did not keep receipts for most of this work, much of which we did when my parents lived lived in it. I would like to know if, in the absence of receipts, ther is any way we can claim these costs against CGT.
My wife and I received a house from my parents when we got married 30 years ago. It was attached to a small farm which was also signed over to us at that time. My parents continued to live in it until their deaths, my wife and I never used it as our primary residence. Our daughter is getting married at the end of this year and we would now like to sign the house over to her on her marriage. She has lived in it forthe past four years and pays us rent.
I know we will be liable to CGT. But over the years we have made various inprovements to the house such as installing central heating, dry lining, replacing windows and various other jobs. However we did not keep receipts for most of this work, much of which we did when my parents lived lived in it. I would like to know if, in the absence of receipts, ther is any way we can claim these costs against CGT.