tax relief

[josieann]

when i say beneficial interest it means i had to pay pout money to someone that put a claim in against my property due to it bein left to her by the other joint owner however she is getting a considerable amount more than we paid for it so i gathered if you have to pay capital gains if you make a profit is there no tax relief when you have to pay out more than you bought it for in the first place

[Loosehead]

I see. If it's you main residence then there is no CGT to pay anyway. so there is no relief .

Even if you had topay CGT it would not be liable until you sold the property, then you could offset your earlier expenses against CGT.

Have you disputed the claim? Made a lower offer? They would probably settle for less if it means they won't have to fight the case.

[josieann]

yes i did but lost i didnt think i would have to pay capital gains they will though its a pity i cant claim tax relief on what i have to pay her though no justice