buy to let - saving on tax

sashacat

my daughter is a chartered accountant who has several buy to let properties. She does her own tax as she is a specialist accountant in taxation. Firstly, the ammount of your mortgage when you sell a property is irrelevant for capital gains tax. Try asking the revenue. The relevant points are..how much you paid for the property, how long( if ever you have lived in it), and how much you sell it for, and the number of years you have had it.
My daughter has looked into setting up a company but decided against it as she would then be paying tax as a company and appparently that is a worse situation as you cannot offset as much as you can as a n individual. She is a 40% tax payer without the properties and it is still better to hold them as an individual. I would go to a specialist accountant before to do something you will regret