Hi,
I bought a property at auction 20th July 2016. Its a one bed L/H flat with 125 yrs left on lease. It was in a dilapidated stated when i bought it so i have completely gutted it remodelled and rebuilt it. I now wish to sell it and I'm wondering how much CGT and other costs I'll have to pay and also if any of the costs for renovation can be used in this years tax return that i still need to do.
My particulars are
Married Home Owner
F/T Job = £31k p.a
Rental income from other mortgage free property £14,400 p.a
Purchase of new flat (at auction) £109k including sol/auctioneer/SDLT fees (20th July 16 completion date)
Cost of refurb incl new kitchen, bathroom, flooring, heating system, plumbing, electrics etc £12,000
Proposed Sale price £175,000
Any advice/opinion would be greatly appreciated
Thanks
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