What Is Allowable Deductions on a Buy To Let?
I have had a buy to let property for over 32 years.
The property was riddled with damp/black mould and despite numerous companies coming in and trying various different methods, nothing worked and it became uninhabitable. The council tax department even de-registered the property.
I had to do extensive work to remove the mould from the property including removing all the old plastering back to brick work. Removing the chimney breasts and stack as this was also riddled with black mould. Damp treating and then putting in new walls, floors, windows, doors and roofs. Obviously the whole property also needed to be decorated at that point to get it tenant ready.
Would the money I spent on doing this be tax deductible or does it go to a capital expense item for capital gains deductions when it is sold?
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