Hi fellow Landlords, I am trying to work out if enforced major works on a leasehold block of flats can be eventually offset against future CGT liability. My portion of the works was £12,000 and included roofing, fixing brick work, electrics, painting, replacing some windows, improving the gardens etc. It is an old block of ex-council flats on a shared estate. Mixture of private and council flats. Has anyone had any experience of this? Thank you for your time.
why are you not setting it against your tax now this year? It can be offset when you sell
Hi Colin, this actually took place in 2010. And I could’t claim it then because my income came under the £12k tax threshold. It is so much money I was hoping to be able to claim it back eventually against CGT. I have since done some more homework and it looks like i will be able to offset some of the expense but not all. Thank you for taking time to reply!