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Capitol Gains and selling a buy to let property...
scoobie37
Posts: 1 Newbie
in Cutting tax
Hi all
I have a property which I am considering selling after renting out for 6 years. Prior to that I lived at the property for 4 yrs. In 2000 I had to move out due to disability and decided to rent it out short term. The mortgage is small and the value has trebled since 1996. However I am very confused about capitol gains tax...how much would we have to pay? I co own my own house also and the buy to let is part of a special needs trust which was set up in 2000(my self and another trustee are on the deeds). Is the trust excempt from CGT???? Are there any ways of avoiding or minimising CGT if we sold. Any advice on this would be great.Thanks
I have a property which I am considering selling after renting out for 6 years. Prior to that I lived at the property for 4 yrs. In 2000 I had to move out due to disability and decided to rent it out short term. The mortgage is small and the value has trebled since 1996. However I am very confused about capitol gains tax...how much would we have to pay? I co own my own house also and the buy to let is part of a special needs trust which was set up in 2000(my self and another trustee are on the deeds). Is the trust excempt from CGT???? Are there any ways of avoiding or minimising CGT if we sold. Any advice on this would be great.Thanks
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