Allowable expenses-sale of FA
edkav
Registered Posts: 37 Regular contributor ⭐
Can anyone clarify exactly what is allowable expenses on the sale of rental property, for CGT purposes?
Thanks in advance!
Edwina :huh:
Thanks in advance!
Edwina :huh:
0
Comments
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If it has been used for rental purposes, then it is a capital asset. You can claim the cost of the property, plus the incidental purchase costs (assuming these have not been claimed for along the way), along with any capital enhancement costs to the property and the sale costs of the property. Obviously you need to have kept good records and have receipts for everything. You should also look at taper relief. I am assuming you are a MAAT.0
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Take a look at the completion statement on purchase and sale to get the acquisition and disposal costs.0
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