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Thanks, ***** ***** offset costs for refurbishment against my gain as I paid them in full, amounting to circa £7000 in the last year (new bathroom and kitchen), £2000 new boiler in 2012, and £4500 new windows in 2007?
Thanks a lot, I understand the principle better now. One final question, closely related is - assuming our solicitor apportions our payment for the flat equally, this will be circa £37.5k each, the £75k being £30k capital repayment and remainder £45k profit, can my daughter simply give me a portion of her payment as a gift without attracting any tax liabilities? I am thinking of a figure of approximately £30k as a portion of the profit and my capital outlay when we bought the flat jointly. If this isn't possible are there limits as to how much she can give us per year?
I hope this helps.
Thanks a lot, is it only inheritance tax that applies to gifts such as this, I don't anticipate it being a problem from my daughter to me! And if a tragedy happens then the last thing we will be worrying about is inheritance tax.
Thanks for all your help
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