Buy to Let Remortgage - tax implications

Optimisticred

Hello

I have a property I rent out which holds significant equity of 90% (10% LTV). I previously lived in this property for 4 years out of the 12 years owned.  I am thinking of re-mortgaging this property to raise funds and thus taking my mortgage balance back to 75% LTV…..this will give me around £80,000 in ‘cash’.

If I was to sell this property then for the years this was rented out I have to pay capital gains tax minus any relief expenses and Private Residence Relief (PRR).

My question is……if I remortgage and remove cash do I have any tax liabilities similar to if o sold the property? Such as CGT?

I will look to take professional advice but I would like to gain more information before I think this is feasible.

Thanks

 

kingstreet

Nope. Only a disposal would generate a gain for CGT purposes.