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bigduckontax
bigduckontax, Accountant
Category: Tax
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Tax Question Cash advance from a buy to let property to

Resolved Question:

Finance/Tax Question Cash advance from a buy to let property to purchase further buy to let property-Is there tax payable on this?(considering that I will already be paying an increased mortgage/interest for this advance loan), if yes when is this payable, when I sell the property or next tax year. Similarly using cash advance or remortgaging a buy to let property and using funds for home improvements on my principal primary residence if I decide do go ahead with improvements. Thank You

Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Aswers, and pleased to be able to help you with your question. There is no tax due on any of the transactions you propose save for the Capital Gains tax (CGT) due on the sale of your buy to let. This tax is payable as follows under the new rules; Within 30 days of the transaction. I do hope that I have set your mind at rest on this matter.
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Customer: replied 1 year ago.
Excellent.thank you for prompt reply
Expert:  bigduckontax replied 1 year ago.
Delighted to have been of assistance. Thank you for your support.