Property purchased 28th February 2006 in joint names interest only mortgage of £60,000.Never lived in the property Yes -rented to Tenants until September 2014 - all income declared to HMRC . the property sale is not completed yet - expected completion February 20th 2015.My annual income about £33000 ( pension and State pension. My Wife about £6,000 pa.
Have to payback £60000 mortgage !So actual gain is "00000 less expenses of £11197 ?!!
You do not have the mortgage as a deduction as well!
You had already had the full purchase price deducted from the gain! (If you had the purchase price of £200,000 and £60,000 it would suggest the cost to buy was £260,000 which it was not)
SEE HMRC advise on how to calculate the capital gain - you can see the mortgage has NO Bearing at all!