Hello and welcome to the site. Thank you for your question.
I was told the Capital Gains Law has changed and it is no longer 3 years excempt for capital gains for second property. Can you advise.
CGT rules have changed and now you get additional relief for 18 months instead of 36 months. This relief is available only on property that is your main residence and not second home.
Also if I keep the property i will need to spend 30k on updating etc. Would this effect what I would be taxed eventually on capital gains.
Any expenditure you incur that would enhance the value of the property and is deemed capital and not general repairs would be allowable and added as enchancement costs in arriving at final cost price for CGT purposes.
If I rented the full flat out at 1500pcm and my mortgage was £750. Would I be taxed on just the profit or the full amount. This is interest only so I was also thinking about changing to repayment which would effect monthly payment but want to know how the tax is calculated.
You would be taxed on the net profit from property income. Allowable deductions include cost of repairs and maintenance, interest paid on the loan, agent's management fee, accountancy fee etc.
More information on private residence relief can be found here
I hope this is helpful and answers your question.
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