I might have goofed. I might not have thought ahead. Oh the pain the pain.
Let me explain. A long time ago I bought a bungalow in which to let my Mother live and to take away the need for her to worry about all the niggly things that put stress onto pensioners. It also took away the need for the State to ‘provide’ for her. We didn’t claim for anything year after year after year.
We also should have kept, perhaps, a long long list of all the costs of keeping the bungalow itself in good health; the maintenance, the repairs, the decorating, Council taxes.. ALL the expenses… you know what I mean.
Why? Well, I know that the time has now come to sell the bungalow. In the coming weeks now that Mam has passed away, it must be emptied and sold.
In any business you are allowed to claim expenses against tax. Apparently not in the case of Capital Gains Tax. At a first glance calculation, having saved the Government a small fortune by looking after my Mother at my own expense, which by the way, I have never regretted or minded in any way, I will be handing over about £136,000 in tax. That feels SO wrong.
Which brings me to another thought. I sometimes wonder, when people say their house has gone up an enormous amount in value, whether they have kept full and proper accounts of what it has cost them over the years to live there. Homes are a constant expense, in local taxes and all the repairs, painting, TV licences, phone bills, furniture, and so on and it would be interesting to find out if anyone out there has ever really recorded the total. Surely some accountant will have done it, or it might be a case of ‘Plumbers’ taps drip’ and nobody knows.
I once did it for a year and decided it was cheaper to live in a hotel, which I did for a year. It was.