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Where Taxpayers and Advisers Meet
CGT Allowable Expenses
Is charging for my time spent refurbishing an investment property prior to selling it a legitimate expense to reduce my CGT bill?
Re: CGT Allowable Expenses
Assuming that this property was purely an investment then CGT does not apply but Income Tax is and you should be registered with HMRC. No you time invested in the refurb is not allowed. You really should have looked into this prior to commencing the project. Regards Peter
Re: CGT Allowable Expenses
If it was purely an investment, then CGT will apply. If it was bought for the purpose of selling after refurbishment, then IT will apply.Assuming that this property was purely an investment then CGT does not apply but Income Tax
Whichever, only expenses actually incurred can be claimed, not notional costs for the owner's time.
