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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4983
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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I have a buy to let property. the current debt on it is

Customer Question

i have a buy to let property. the current debt on it is around 50k the property is worth 400k(ish). i want to remortgage to 150k so i can clear the 50 debt then use the 100k for my sons education. the 100k would be put into my partners account. my question is when you remortgage do you get taxed with capital gains tax in the remortgage.
thank you
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for your question..You do not get taxed when you remortgage a property.CGT is payable on the gain when the property is sold. I hope this is helpful and answers your question.
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Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.
best wishes