CGT on Single let property

Uncle_Fester_2

A friend of mine has a property which she is letting out, would she be liable to pay CGT, if and when she sells? (This is the only property, she owns).

Thanks in advance

Pennywise

Uncle_Fester wrote:

A friend of mine has a property which she is letting out, would she be liable to pay CGT, if and when she sells? (This is the only property, she owns).

Thanks in advance

Yes - unless she has actually lived in it as her home for some time, in which case some of the gain will be tax free. If she has never lived in it, then the profit made will be fully taxable, less non business asset taper relief and her annual CGT exemption of around £8,000.

Uncle_Fester_2

If she remortgage's it, will she have to pay any tax on this?

Many Thanks