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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31300
Experience:  Over 5 years in practice
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I'm thinking about selling my second property which was my

Customer Question

Hi
I'm thinking about selling my second property which was my only property until Oct 2006. I bought the property in 1999 for £34k and re-mortgaged it in 2006 to £90k in order to buy the property I live in now.
Since I left my initial property I have had friends living there on and off but the majority of bills have remained in my name. The estimated sale price of the property in question is £120k.
My question is how much CGT will I be liable for - is it £120k minus £34k or £90k minus £34k? I only have £30k equity in the property and as mentioned it was my residential property for quite some time.I've used the HMRC CGT calculator which is estimating my liability at £19k!!
Do you have any recommendations on how I limit my tax liability? Is there anything I can do to juggle things with my residential property? I'm in desperate need of a cash injection and am not sure if I would be better off selling the property I live in, although I would prefer not to!
Submitted: 2 months ago.
Category: Law
Expert:  Jamie-Law replied 2 months ago.

Hello my name is ***** ***** I will help you with this.

How much profit will you have made since you purchased it?

Customer: replied 2 months ago.
The difference between sale price of £120k less £34k sale price as stated in my question