Inheritated Property Needs Upgrading Before Resale

D

deiseboys

Registered User
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I inheritated my fathers house and it is in bad repair needs between 20,000 to 30,000 to upgrade. New kitchen, bathroom, carpets, painting, new windows etc. Can I claim tax or vat back on these expenses.
 
You cannot claim VAT unless you are registered for VAT.

You can offset any expenses of sale and enhancement expenditure against any gain on sale in arriving at your CGT liability.
 
I know that when needs must the devil drives, you can take out a 20K loan and be paying it back while doing up the gaff. I would say do a bit before selling as selling in a poor condition could end up in a much lower price - nobody wants to put in the work these days!
just my take
 
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