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26 August 2015
How can property repair and costs be offset against profits or capital gains to the best tax effect?
My client has been letting out a residential property for many years. He has been fortunate in that he has only had two or three long-term tenants. Although he has been willing to undertake repairs that last tenant who has been in the house for almost 10 years was happy with the decorative state and preferred not to be disturbed by decorators.
That last tenant has recently vacated the property and the owner wants to sell it. The client has checked the property and the interior is “tired”. His estate agent has suggested that some redecorating and updating of the kitchen and bathroom will bring the property up to today’s standard and make it more attractive to potential purchasers.
My question for readers is I think straightforward but I would appreciate confirmation of...
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