Hi Guys
I have a few questions on a property that we've lived in as main residence, left empty and rented out over time - that we are looking to sell.
If you've had a property for 15 years over which you've incurred additional costs of around £50k but don't have receipts to back up half of that, can you still reduce this off the sales price of your property when calculating CGT? We've had the property for some time and we have photos to back up how run down it was when first purchased to show the amount of work that went into repairing it. It was such a long time ago and most of the work was done at the start to get the property in decent condition but we've lost quite a few big value receipts.
I understand that HMRC have reduced the principal private residence relief on last 18 months to just 9 months when selling your property - do we factor this into our calculations on CGT if we were to make a sale before April this year?
Has Lettings relief been abolished too, (if we didn't share our property with tenants) so we can't deduct this either if we were to make a sale before April this year?
We are joint owners - do we both get £12,300 Capital Allowance - so £24,600 in total. Or can we only deduct £6,150 each (half of £12,300) ...?
Also one of us is a basic rate tax payer and the other higher rate tax payer. Would it be tax efficient if we were to change the percentage ownership so that the basic rate tax payer owns a higher % of the property - before selling the property? And if so, how long would it usually take to change the percentage ownership?
Thanks. Any help much appreciated.
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