Hi,
I bought a property in 2016 for £105,000. For the past 2 years I have been living in the house and renovating. The value is now £150,000. Due to a change in circumstances I will be moving out of the house in August and letting the whole property. I read that let property if sold are liable for CGT on the period of time they were let, and am wondering if it would be prudent to request a professional valuation now to show the value of the property before it is let, and as a result of my renovation. What I want to avoid at some future date is the CGT being based on the sale price minus the purchase price (£105,000) rather than the sale price minus the value post-renovation (£150,000). I don't have many of the invoices from the renovation so would much rather get a valuation if this would be accepted by HMRC.
Any thoughts on this would be welcome.
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