Hi
I’ve been letting apt for past 12 years, tax returns up to date and claimed cap allowances on furniture and fittings in first 8 yrs.
In 2019 I replaced beds, sofas and radiators, do I start 8 yr cycle of cap allowances for these or do I not get any deduction?
Secondly I gutted and replaced en suite bathroom, i thought these costs would be added to capital value to reduce gain on sale when I ultimately sell the property but I’ve seen some advice in the papers on a similar scenario stating this expenditure would be claimed in 2019 tax return - which is it?
Thanks
I’ve been letting apt for past 12 years, tax returns up to date and claimed cap allowances on furniture and fittings in first 8 yrs.
In 2019 I replaced beds, sofas and radiators, do I start 8 yr cycle of cap allowances for these or do I not get any deduction?
Secondly I gutted and replaced en suite bathroom, i thought these costs would be added to capital value to reduce gain on sale when I ultimately sell the property but I’ve seen some advice in the papers on a similar scenario stating this expenditure would be claimed in 2019 tax return - which is it?
Thanks