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New Roof - Allowable expense?


cfish

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Sorry, I'll try again. Property is a 90 year old 2 bed terrace. I have owned the property for 7 years and during the last 3 years I have had to have a number of roof repairs at around £80 a time to refix slipped slates which had caused leaks. I have bitten the bullet and gone for a full re-tile to include removing the old slates, new under felt and new artifical slates.

My view would be that the roof had run its natural life so a replacement was required to maintain the buildings weather tightness and should be an allowable expense as a like for like replacement.

Please let me know if you any further information to make comment.

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The owner I bought the property from became the first tenant in 2007. Apart from a 4 week period in between tenants in 2012 when I carried out some refurbishment works (re-wiring, new staircase and bathroom) it has been fully tenanted from purchase.

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I have bitten the bullet and gone for a full re-tile to include removing the old slates, new under felt and new artifical slates.

My view would be that the roof had run its natural life so a replacement was required to maintain the buildings weather tightness and should be an allowable expense as a like for like replacement.

In my opinion and if it were me who had replaced the roof I'd do the following:- Assuming the new roof was a like for like replacement, or the nearest modern eqivalent to the original roof, then I'd agree with you that the cost is a legitimate revenue expense which can be offset against rental profits.

Presumably the old slates (or some of them) had a value and if these were sold separately then any separate income received from the sale should be offset against the expense of the new roof.

If the expense of the roof leaves you showing a loss this year then that loss can be carried over to following year(s) and offset against future profits.

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