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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
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Experience:  International tax
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My parents are selling a flat (not their primary residence)

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Hi. My parents are selling a flat (not their primary residence) which was part funded by a loan from their kids. The loan will be repaid from the sale. Am I right in thinking that the loan can't be considered an expense to offset CGT?
JA: Have you talked to a tax professional about this?
Customer: No
JA: Anything else you want the Accountant to know before I connect you?
Customer: No

Hello and thank you for allowing me to assist you.

You are correct the loan does not REDUCE the Gain so it has no play on the CGT

 

Customer: replied 12 days ago.
Thanks. Could you say if the following are allowed? Repainting before sale? Replacing shower in bathroom? Estate agent and solicitors fees?

Repainting before sale? NO

Replacing shower in bathroom? YES

Estate agent and solicitors fees? YES

You are most welcome.
A 5 star positive rating would be appreciated

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Customer: replied 12 days ago.
Thank you