Tradefair & Financials
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Evening Guys, I thought I would post my situation on here to see if I can get a bit of sound advice on a financial matter. I currently have two property's , my own home worth approx £250k (£210k mortgage interest only) and another property that I rent out for £500p/m to a good friend (£64k mortgage worth around £145k - 7 years left on a repayment mortgage, payments of around £860p/m). I lived in the latter property for 4 years before purchasing my current property around 3 years ago.
If you were in my position would you just leave things as they are or sell the rental property in light of the Capital Gains Tax situation ? If i sold the property now would I be liable to pay any tax ? Any advice appreciated. Thanks
If you were in my position would you just leave things as they are or sell the rental property in light of the Capital Gains Tax situation ? If i sold the property now would I be liable to pay any tax ? Any advice appreciated. Thanks
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http://www.property-tax-portal.co.uk/taxquestion49.shtml
Read the above article. Any alteration to Private Letting Relief in forthcoming budgets could affect you.
Read the above article. Any alteration to Private Letting Relief in forthcoming budgets could affect you.
I think there's a three-year rule about when you lived there last which means it's exempt from CGT. Obviously this could all change tomorrow in the Boo-zhay, so wait and see.
In the meantime, put the rent up a bit.
In the meantime, put the rent up a bit.
KICKING, I'm a surveyor and you need to take very urgent tax advice to avoid unnecessary CGT.
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