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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4879
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Failed Pet. Sold own home and moved into and renovated old

Resolved Question:

Failed Pet. Sold own home and moved into and renovated old inherited house (some qs on this later). First q ..........very important to me........
a) Can the installation of acoustic secondary glazing or acoustic triple glazing be regarded as an improvement and therefore an allowable expense for CGT purposes? The driver for this is changes in flight paths bringing concentrated noise; and deterioration in mental health [such noise now proven to lead to depression and having lived serious black dog experience - and 'recovered' don't want tilting back]. Single or double glazing will not perform anywhere near as effectively in reducing/mitigating noise [trickle vents designed into windows while ventilating allows noise in]
Submitted: 6 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 6 months ago.

Hello and welcome to JustAnswer. I am here to help you. I will review your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 6 months ago.

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?

Many thanks

Customer: replied 6 months ago.
Heathrow fly new low level concentrated flight paths. The noise permeates the house.........we had a loft extension .....a garden room......a kitchen...bedrooms all affected...it is unfortunately likely to get worse with aircraft c. every 90 seconds x 12 hour days......German research confirms this causes/exacerbates depression....I have blogged...presented to MPs at Palace of Westminster etc...spoken on R4.desperate to try and raise awareness...I have endured serious /heavy duty (severe) depression and prognosis for recovery if occurs again....slim......Therefore trying to keep noise out anyway I can. We have bought the odd piece of secondary glazing as a trial, but see this more as a total treatment (esp given MH)....Hope this helps....
Expert:  taxadvisor.uk replied 6 months ago.

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.

Customer: replied 6 months ago.
Thank you. On same subject.......If one sells the property then it should not be under value (there's an alternative term I've forgotten). So in the case of a house one usually sells thru estate agency.......But what if one sold through auction, or cash (to an established asset acquisition company)? The last two options, especially the last would see one selling technically at under value. If this wasn't connivance would it be acceptable - say in the case of an urgent sale needed for health reasons - to divest in this way?
Expert:  taxadvisor.uk replied 6 months ago.

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.

Expert:  taxadvisor.uk replied 6 months ago.

Hi there, just checking to see if you need further clarification or have I covered all points raised by you.

Many thanks

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4879
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 6 months ago.
Sorry for the delay in responding as I've been a little disorganised. Fully intend to rate and pay you now. Thank you so much for your advice so far. I have a few questions which I think probably better to discuss off line (via telephone) as a separate transaction. I hope I can link up again for your advice as I fully trust it, and your HMRC experience is invaluable. Can the 'call me' facility be left open?
Expert:  taxadvisor.uk replied 6 months ago.

I thank you fo raccepting my answer.

Your reward of a bonus is greatly appreciated.

Best wishes.

YOu can always contact me again using this thread and we will arrange a phone call.

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