Capital gains on 2nd home

foxylolly

Im after some advice,

I have 2 properties, one in England, one in Austria.
I bought the England property in 1994 for £44 000. I married in 2001 and in 2006 we remortgaged on a buy-to-let, I think the property value was £165 000 or £175000, put to property in both our names and bought a 2nd property in Austria in both names. We have been living in Austria since 2006 and it is our sole residence. In terms of tax we dont live in the UK, and we are fully registered and pay tax in Austria.

The England property has be tenanted, the tenant has now left and we are considering selling it to reduce the Austrian property mortgage.

The property has been valued at £190 000 to £200 000.

I need advice on capital gains tax - how does it work, is there anything I can do to reduce it?

Thanks in advance.

BoGoF

I would suggest you have a look at this

http://www.hmrc.gov.uk/international/tax-incomegains.htm#4

You may not be liable to CG tax in the UK and this is a question more appropriate to the Austrian tax authorities as it may be taxable there.