CGT on a property i lived in for 6 years.

[ethan07]

I bought a property for £95,000 in 2001 and lived in the property for over 6 years. I then decided to keep/rent this property, re-mortgaging for a new property. I re-mortgaged the property for £175,000 as it was valued at 240,000.
If i wanted to sell the property now - how much CGT would I have to pay?
I still have £200,000 outstanding on my mortgage i live in.
I have always done a self cert on the rented property paying my taxes etc! Any help please?

[Gordon999]

I bought a property for £95,000 in 2001 and lived in the property for over 6 years. I then decided to keep/rent this property, re-mortgaging for a new property. I re-mortgaged the property for £175,000 as it was valued at 240,000.
If i wanted to sell the property now - how much CGT would I have to pay?
I still have £200,000 outstanding on my mortgage i live in.
I have always done a self cert on the rented property paying my taxes etc! Any help please?

What is the current market value of your rental property for sale now ?

How is the 200000pds mortgage connected to the rental property or are you confused ?

[charliem]

Value of property that you sell it for now minus £95,000 = profit on the house. You pay CGT on that.

Charlie

[TaxationPete]

No The OP lived in the property for 6 yeras so PPR and Letting Relief will apply. Read HS283 on the HMRC web site. We await for the OP to tell us the est sale value. Regards Peter

[ethan07]

The current market value of the rental property is 235,000. The mortgage i have on the property I live in has no connection to the rental mortgage. Both are seperate.

[Telometer]

Sell today for 235k. Cost 95k. Profit £140k, earned over 11 years, i.e. 12.7k p.a. profit.

First six years lived in; last three years deemed tax free. Total 9 years.

Remaining 2 years taxable, i.e. 12.7 x 2 = 25.4k.

Less letting relief (maximum 40k)

Taxable gain nil. No tax to pay.