1. Dear Rowland, Capital Gains Tax is only payable on any "gain". So, can you tell me, what was the purchase price of the house? What were your outgoings or costs associated with the house, excluding mortgage repayments?
2. Dear Rowland, there will be no Capital Gains Tax payable. This is because your allowable outgoings which may be set against any gain were the £30 per month directly related to the maintenance of property. This is £3,600 per annum which over 25 years since the date of purchase equates to £95,000. TAken with the purchase price of 38k, you are receiving less than what you have spent on the property. Additionally, be aware that the interest element of the mortgage is deductible - not the capital repayments.
3. Be aware that you will not be able to deduct the £75 per month for travel from France etc. Be aware additionally, that if you had sold within two years of ceasing to live in the house, you would have qualified for Principal Private Residence relief which would have meant you would have had an exemption from CGT.
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