Allowable Capital expenses for CGT purposes

[modestus]

Do the Revenue take a reasonable interpretation of capital expenses or is there an Accountants interpretation of this ?
For example I would view the installation of a new kitchen and a new bathroom and wooden flooring as "enhancement" expenditure in that they represent major enhancement expenditure and should be ffsetable against CGT -am I right here ?
I would also view painting and decorating as items of a Revenue nature and not allowable -am I right in this?

 

[stuart]

In relation to your question, re revenue or accountants opinions, Revenue assess tax on accounts prepared on accounting principles and for the best part these are based on common sense interpertations

You are correct in your interpertations and examples on same

There are specfic rules that Revenue do apply in relation to account preparation and will adjust the accounting profit to a "tax adjusted profit" to compute tax assessments, e.g. depreciation replaced with capital allowances

But again these are to prevent tax evasion rather than their opinion on these matters

stuart@buyingtolet.ie