Hi everyone,
I'm new to this website and wishing I had discovered it earlier! I now have a question that someone may be able to give some information on.
We have a second property which we acquired about 3 years ago for a good price because it was in a bit of a state. In a nut shell, the intention was to help get a relative on the property ladder. Them buying it when they are able to, if not we rent it or sell it.
It looks like we missed a trick by not registering this as a potential (?) primary residence in the first 2 years, so whenever we sell, it will be subject to CGT.
During our period of ownership we have had a garage built. Lovely job, 90% done, 90% paid for, builder went bust and disappeared, finished it ourselves. Unfortunately no final receipt/invoice/whatever.
Whenever we sell the house the garage obviously adds value. So what happens in a case like this when it comes to paying CGT and we want to deduct the price paid for the improvements from the taxable amount?
Is it a case of: Tuff luck - No receipt no deduction? Or does the tax man acknowledge that garages don't get built for nothing and allow some sort of deduction based on a typical cost or something?
Thanks for any info
R
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