Myself and my sister inherited our grandmother's flat last year. My grandmother was moved into sheltered accommodation a year before she died and her flat was rented out. The tenants stayed on after she died and are still there. Prior to my grandmother dying and the tenant moving in myself and my sister spent about £8 to make it rentable. It needed an updated kitchen and bathroom, complete redecoration and some damp fixing etc.
My question is, can this be offset against Capital Gains Tax when we sell it? What would we be liable for? My sister doesn't earn and I only work part time and earn about £10k per year. I am guessing the flat is currently worth maybe £140k.
Many thanks,
Jane
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