19:39 PM, 24th October 2014, About 8 years ago 15
We are trying to work out our Capital gains liability on our buy to let property as are planning to sell it.
There does not seem to be any clear information saying that we can take off the mortgage (not the cost of the mortgage) off the basic sum.
We bought the property for £56K on a £51K Mortgage and hope to sell for £200K.
£200K-£56k = £144K – paying mortgage back (£51K) =£93K liability before other deductions.
Am I in Cloud Cuckoo land?
If so why should we have to pay capital gains on £51K interest only mortgage?
(I understand from my research about rent relief, CG allowances, costs, etc).