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Sam, Accountant
Category: Tax
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Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I split my property into 2/3rds and 1/3rd - I re mortgaged

Customer Question

I split my property into 2/3rds and 1/3rd - I re mortgaged the third 8 years ago - i have been letting this third for all that time-I now want to sell that building (which is land registered separate building with its own mortgage and post code) what is my capitol gains tax implication on the sale of the building which was once an original part of my overall purchase??
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question. Before I can fully address the position have you ever occupied this property as your sole or main domestic residence before you let it out originally?
Customer: replied 1 year ago.
The whole property I have owned for 12 years and has always been my principle residence. The third that was separated 8 years ago ( only 2 doors blocked up as it had its own door on a different street on different levels!) which is land registered as its own building and has a seperate mortgage I have never lived in
Expert:  bigduckontax replied 1 year ago.
Thank you for that information. What is the total ares occupied by the buildings and any gardens etc?