Hello and welcome to JustAnswer. I am here to help you. I will review your question and will respond to you shortly.
Please clarify for me
Was/Is the installation of acoustic secondary glazing to all windows of the house or specific to a room or two?
Thank you for your reply.
If you were to have all windows installed with acoustic secondary glazing, this expenditure would be deemed improvement to property and therefore the capital cost would be added to the cost of the property for capital gains tax purposes thus reducing the eventual gain for CGT purposes.
I hope this is helpful and answers your question.
If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
Please only rate my answer if it is acceptable.
Thank you for your reply..
At the end of the day, it doesn't really matter how the property is sold. There are times when a property is sold below market value. For Capital gains purposes the gain is difference between net proceeds and cost of acquisition plus improvement costs.
In the event there is a loss as opposed to a gain on sale, it should be registered and reported on your tax return to ensure capital loss relief is availed against future capital gains.
If the property was sold to a connected person at below market value, HMRC would treat it as if it was sold at market value for CGT purposes.
I hope this is helpful.
If there are no more issues, I will appreciate if you would kindly rate my service/accept the service I have provided before you leave the site, to ensure I get credited for it by Just Answer.
Hi there, just checking to see if you need further clarification or have I covered all points raised by you.
I thank you fo raccepting my answer.
Your reward of a bonus is greatly appreciated.
YOu can always contact me again using this thread and we will arrange a phone call.