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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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2 Questions pleaseif purchasing a property with a view to

Resolved Question:

2 Questions please
if purchasing a property with a view to demolish and rebuild, property cost 200k, new build 400k total 600k, value when completed 500k
when looking at betterment, is it from the purchase i.e. 300k, or is it the difference on the cost, and the value i.e. (100k) ?

when you extend a building and have increased the value by 20k Albeit to sell you would need to remove disability items which will cost 5k, is the betterment 20k or 15k ?

thank you for your help
Submitted: 3 years ago.
Category: Law
Expert:  Nicola-mod replied 3 years ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

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Customer: replied 3 years ago.

Hi I am still waiting for a answer


 


thank you

Expert:  Nicola-mod replied 3 years ago.
Hello,

We will continue to look for a Professional to assist you.

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Customer: replied 3 years ago.

you have said i have had a answer i can not find the answer, please either re send or give me the date/time it may have gone into junk mail


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Expert:  Tax Expert replied 3 years ago.
Hi


I am Sam and I am one of the UK tax experts here on Just Answer.

Are you still in need of assistance?

Thanks

Sam
Customer: replied 3 years ago.

yes please

Expert:  Tax Expert replied 3 years ago.
Hi

Thanks for your response

In answer to your questions
1)if purchasing a property with a view to demolish and rebuild, property cost 200k, new build 400k total 600k, value when completed 500k
when looking at betterment, is it from the purchase i.e. 300k, or is it the difference on the cost, and the value i.e. (100k) ?


It would be the sale price less the costs to build along with the value of the land - the actual purchase price is not taken into consideration as this building is to be demolished.

2)When you extend a building and have increased the value by 20k Albeit to sell you would need to remove disability items which will cost 5k, is the betterment 20k or 15k ?

It would be the 20K as this is the actual cost to extend.

Please note the answers have been provided from a capital gain perspective, please advise if this in fact applies to a different consideration.

Thanks

Sam


Customer: replied 3 years ago.

the need to identify betterment, is the sum is included in a roberts v johnstone calculation for a personal injury claim

Expert:  Tax Expert replied 3 years ago.
Hi

Thanks for your response

As this is a legal and not a tax question- I have asked for this to be transferred to the UK law section of Just Answer (it was on the UK tax forum)

Thanks

Sam
Customer: replied 3 years ago.

thank you

Expert:  Ash replied 3 years ago.
Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Where betterment (B) is allowed for (the typical figure is £10-15,000), the Claimant will recover correspondingly less for thecapital cost of the adaptations (i.e. C-B). But he will still have to fund the whole of that capital cost (C) in order to complete them. To compensate him for this, the betterment figure should be added to the capital cost of the accommodation in the Roberts v Johnstone calculation. For example, if B is £10,000 and the lifetime multiplieris 20, this represents 20 x 2.5% x 10,000 = £5000.

Can I clarify anything for you about this?

Alex

Customer: replied 3 years ago.

thank you, XXXXX XXXXX the betterment figure that i am having difficulty with,do you agree with Sam above ?

Expert:  Ash replied 3 years ago.
I do yes.

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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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