Taxes on sale of SCI building?
ollie123
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My husband and I have purchased, along with two others, a building to turn in to a resturant. My husband and one of the other SCI holders are doing the renovation work in return for a % of the SCI. For tax purposes, when we decide to sell can we claim the labour costs despite there being no money having changed hands? As such, is my husband and the other partner liable for any cotasions/taxes on sale of the building on the sale of the building on their %.
The SCI will not be trading, it will file a nil return each year, it was the easiest way to purchase the building with the people involed.