Renovating a property and CGT

Can anyone help with the following

I'm thinking of investing in a property not my primary residence for 80K, Also plan to invest 60K in renovating the property. If I go ahead and sell the property, I'm assuming CGT will be factored from 140K upwards. Is this correct?

Thanks! WestMan...

You are correct but you need to keep all your receipts. You will also be allowed your purchasing and sales costs.
If you purchase before end of 2013 and hold for 7 years you can escape paying on the capital gain which accrues if any in the 7 years after purchase

Thanks for your answer Dermot! that's a great help