Taxman82 Hobber

Hi Thanks for the response. The repairs are all of a revenue nature. Would you mind being slightly less vague on the following points please? The booklet you refer me to doesn’t give an example similar to mine. This could be a very expensive mistake if I cannot deduct these costs from future revenues. 1. How would the repairs not be wholly and exclusively for the rental business? Would how long I live in the property before re-renting it have a bearing on this? 2. Continuing the business is not particularly important. The most important factor is being able to deduct these expenses from future revenues once I market the property again. Can you be more specific on this point please? Could the costs be classed as preparatory costs for the next rental lease even though I’m living in the property and the costs incurred are not in the same tax year? Thanks Simon

Hi this is my first question on the forum and appreciate everyone’s help in advance. I have rented my only property for the last 10 years whilst I lived overseas. I have now returned to the uk and intend to live in the property for a maximum of 12 months. The house is now in a poor state of repair due to 10 years of ware and tare and damage from tenancies. My plan is to get approx 70k of work done to bring the property up to standard for renting again and live in it as I do this work. Once the work is complete and the property is ready to rent again I will buy a house to live in and re-let the rental house. My question is- can I deduct the costs of all the repairs from this current tax year and and costs incurred in the next tax year against future rent once it’s let again m? Are there any implications of me living in the property as the costs are being incurred? Are there any other implications of this plan I should be thinking of, I’m a higher rate tax payer and have a residential mortgage (I had permission to let whilst I was abroad). Thanks!