Hello, I'm Keith and happy to help you with your question.
Repair expenses are only allowable against rental income received as indeed are the interest element of the mortgage payments, sorry. You are already in a loss situation there. They are not available to offset capital gains.
Your capital gain is 350K - 285K = 65K. You say 'we' so I assume that you have this property as a joint tenancy with your spouse and my advice is based upon this surmise. That means 32.5K gain each; from this you can deduct your annual exempt allowance of 11K reducing it to 21.5K. Additionally, you may be entitled to Lettings Relief (LR), but this is generally dependent on you occupation of the house as your sole or main domestic residence at one time or another during your ownership period. LR is extremely complex, but is a very useful tool as it can reduce gains by up to 40K. So you may have your CGT substantially reduced. CGT if payable is levied at 18% or 28% or a combination of both rates depending on the level on individual income including the gain in the year of sale. A worst case scenario is 28% of 21.5K = 6K each tax due.
Please, in the interests of identity theft please do not disclose your email address on an open site.
I hope I have helped you. Sorry it isn't quite in the way I suspect you were anticipating.
Thanks for your prompt help. I fully appreciate your efforts and excellent service. Please read below additional information
Property is in joint nam e with my new both of us are from India
He left UK in 2010.. he has no income in UK since then I am still in London
I worked as SW and retired at the age of 65 in september 2013. I get monthly pension of £172 from my employers and 56 pounds per month
I worked from 2005 to 2013 .
where and how to pay this amount
With this additional information, please recalculate and tell us how much each person will pay
It is Indeed a very unhappy situation
Property is in Strtatford. Our assumption was that wherever in the world
Olmapics takes, place properties prices go up drastically
Due to recessasion, for this property prices went down and now again it is coming up
but we want to get out of this ASAP
await your reply so that we are able to pay CGT , once hopefully the deal is over in September 2014