Capital Gains Tax

rorycat

I own a 2nd property that was transferred to me by my mother in 1985. When she died in 2005 I spent money on improvements and since then the property has been used for holiday letting purposes and is registered for business rates. It is not profitable however and is actually costing me about £300 per month excluding the repayments on the £48,000 mortgage I took out to fund the improvements. I intend putting it on the market after the summer and in the meantime I am trying to raise finance to pay of some monthly credit card debts but also to allow me to develop part of the garden to build a chalet type holiday lodge which I intend to keep for myself. Can anyone give me some rough guidance about Capital Gains Tax (PROPERTY VALUED FOR SALE AT £340,000) and any other issues I should be considering. I could consider making it my 1st home for a short period of time as I will be wanting to be on site for any development work. I will of course seek professional advice face to face but would appreciate any tips or suggestions in advance. Thanks.

PS Just discovered this site and am filled with enthusiasm to sort out my finances - just time, time time!!