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Capital Gains Tax query on sale of rented flat
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Wilson64
Posts: 7 Forumite
Hi
I hope someone can help me with understanding my capital gains tax, I have looked into it but I am still unclear.
The situation is this: I bought a one-bedroom flat in December 1994 for £25000 and lived in it until September 2009 (so nearly 15 years). I then remortgaged it to buy my current house. At the same time I let out my flat and have been letting it out until now. I am now selling the flat for £85,500. The current mortgage on the flat is £53,500.
Based on this information, what is my likely Capital Gains Tax?
Stuart
I hope someone can help me with understanding my capital gains tax, I have looked into it but I am still unclear.
The situation is this: I bought a one-bedroom flat in December 1994 for £25000 and lived in it until September 2009 (so nearly 15 years). I then remortgaged it to buy my current house. At the same time I let out my flat and have been letting it out until now. I am now selling the flat for £85,500. The current mortgage on the flat is £53,500.
Based on this information, what is my likely Capital Gains Tax?
Stuart
0
Comments
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gross gain 60,500The situation is this: I bought a one-bedroom flat in December 1994 for £25000 and lived in it until September 2009 (so nearly 15 years). [STRIKE]I then remortgaged it to buy my current house.[/STRIKE] At the same time I let out my flat and have been letting it out until now. I am now selling the flat for £85,500. [STRIKE]The current mortgage on the flat is £53,500.
[/STRIKE]
Based on this information, what is my likely Capital Gains Tax?
now follow the 5 steps set out in my thread below and work it out yourself. After all you have to be able to justify your own tax return so had better understand how it was calculated...
https://forums.moneysavingexpert.com/showpost.php?p=73621764&postcount=20
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