How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask F E Smith Your Own Question
F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 10135
Experience:  I have been practising for 30 years.
18203470
Type Your Law Question Here...
F E Smith is online now

I bought a house in 2005. I didn’t rent any of it out as my

This answer was rated:

I bought a house in 2005. I didn’t rent any of it out as my father was living there. Two years ago I rented the upstairs out to cover interest on mortgage.
I live with my boyfriend, now fiancé. My name is ***** ***** any other uk property.
Do I have to pay a lot of tax when I sell. I purchased at 189k then remortgaged for 100k so the outstanding interest only mortgage is 298k
It is worth around 730k
Thanks katy

Hello for clarification you are not living there at present? how long ago did you leave?

it is rented out at the moment?

F E Smith and other Law Specialists are ready to help you
Customer: replied 1 month ago.
The top floor is rented out as of two years ago.
I left in 2006 or 2007?

https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief

https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief

https://www.rossmartin.co.uk/tax-guides/110-capital-gains-tax-rates-a-allowances