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Tax implications of taking out capital?
PJGILL
Posts: 42 Forumite
Hi, Looking for a little advice on Capital Gains Tax. I have a property that i rent out with some equity in it. I am considering buying a house that i want to live in (i live in reneted accomodation through the government at the moment) and need to take some of the capital out of the first property to buy the second. Will i get stung on capital gains tax for taking the equity out of the first?
Thanks for any advice.
Phil
Thanks for any advice.
Phil
Phil
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Comments
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No you won't. But you're not taking capital out - you're raising a new mortgage using the property as security.Warning ..... I'm a peri-menopausal axe-wielding maniac
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