Selling BTL- CGT due on mortgage debt part of price?

[choice29]

just a simple question,can anyone tell me when you sell a buy to let property is the cgt calculated on the amont of money over what you owe on the mortgage? or is it calculated on the diffrence between the original purchase price and the sale price.
so if i have remortgaged a property do i pay the diffrence between my my excisting mortgage and the sale price?
many thanks

[sretosf]

just a simple question,can anyone tell me when you sell a buy to let property is the cgt calculated on the amont of money over what you owe on the mortgage? or is it calculated on the diffrence between the original purchase price and the sale price.
so if i have remortgaged a property do i pay the diffrence between my my excisting mortgage and the sale price?
many thanks


Calculated on the difference between sale and purchase prices - otherwise everyone would simply remortgage to 100% before selling! Tax allowances and reliefs do apply, but you asked for a simple answer.

[welshgold]

- Taper relief: table capital gains tax
Number of whole years in qualifying holding period

Chargeable Gains on non-business assets ,remember £8,500 excempt
1 year
100%
2
100
3
95
4
90
5
85
6
80
7
75
8
70
9
65
10 or more = 60 % of gain