We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Do I have to pay CGT?
bluebottle11
Posts: 37 Forumite
Hi all,
My wife and I are in the process of buying a house, we have half the mortgage on repayment and half on interest only.
We also jointly own half a B+B in Cornwall that my mum runs, she owns the other half. We don't and never have lived at the B+B.
The B+B was bought for £200K in 2002, and is now worth about double.
The idea was to sell the B+B in a couple of years and use our share of the profit to pay off most of the mortgage on our new house.
Someone has now thrown something of a spanner in the works though, by saying we may have to pay Capital Gains Tax on any profit, is this true, and if so, how much would we have to pay?
My annual salary is approx £27500, my wifes is approx £6000.
Thanks for any help.
My wife and I are in the process of buying a house, we have half the mortgage on repayment and half on interest only.
We also jointly own half a B+B in Cornwall that my mum runs, she owns the other half. We don't and never have lived at the B+B.
The B+B was bought for £200K in 2002, and is now worth about double.
The idea was to sell the B+B in a couple of years and use our share of the profit to pay off most of the mortgage on our new house.
Someone has now thrown something of a spanner in the works though, by saying we may have to pay Capital Gains Tax on any profit, is this true, and if so, how much would we have to pay?
My annual salary is approx £27500, my wifes is approx £6000.
Thanks for any help.
0
Comments
-
why not just ring up the tax office and ask them? they are not dragons !!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards