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selling flat which is not main residence?
hollowaykid
Posts: 5 Forumite
My wife had a flat which was her main residence for 18 years until we bought a house 3 years ago. She took out a buy to let mortgage on the flat to help buy our house. She is looking to sell the flat and want to know what payments will she be liable for?
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Comments
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She will be free from capital gain tax for the last three years, plus the 18 years it was her main residence. So there should be no CGT to pay. But if she has the flat any longer than the 3 years there will be CGT to pay. Check out the Cutting Tax threads.0
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you will need to get more concrete advise.
the sticking point here is the BTL mortgage which
may complicate the CGT position."enough is a feast"...old Buddist proverb0
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