Property was valued at approximately £130,000 before renovations,of which ive spent anything between £22,000 and £26,000.Has been my main residence when i stayed with my parents
It was £130,000 when inherited,but i reside in england,so has never been my main abode.
Thanks.Leave this with me while I draft my answer.
Thank you for all the above information but I am unsure of the paragraph below:
HMRC may try to claim that the £26,000 you spent should be divided by three as the price you subsequently paid for the other two-thirds would have reflected the increased value of the property as a result of the improvements. Take a look here for some notes on that. Such a division would increase the gain to £30,000. I would resist such a move by HMRC and claim the full £26,000.
Are you able to explain it in more simple terms please?