Hi!,
I am doing my taxes for 2019. I received 80k compensation for remedial work on my house, which in total cost over 80k, between boiler, engineer, quantity surveyor, having to move out for a couple of days, replacing some furniture, loss of value/reputation of house etc., The actual costs amounted to 87k as I had to change solicitor half way through as the old solicitor was not much good. Do I owe tax on this compensation - the house is my PPR, and if we didn't get the remedial work done - a year after the renovation project -it would not have been safe to live in.
I am doing my taxes for 2019. I received 80k compensation for remedial work on my house, which in total cost over 80k, between boiler, engineer, quantity surveyor, having to move out for a couple of days, replacing some furniture, loss of value/reputation of house etc., The actual costs amounted to 87k as I had to change solicitor half way through as the old solicitor was not much good. Do I owe tax on this compensation - the house is my PPR, and if we didn't get the remedial work done - a year after the renovation project -it would not have been safe to live in.