Myth-busting – Electrical Safety installations Act 202011:19 AM, 3rd August 2020
About 5 days ago 74
“Hello Mark, very impressed with your site, I have a question for you:
My wife and I have a small portfolio of property which has been built up over the years by keeping on our residences rather than selling to finance the new ones. None were purchased on Buy to let mortgages.
We own them jointly which I see from you articles may not be the best option but aside from this we are considering selling the properties that we let to clear the loan on our principle home. The let properties have remnants of the original mortgages left to pay. Our principle property has been financed by a business loan.
As the money raised from the let properties is to be used to pay off the loan on the principle property will this money be first subject to CGT or can it be classed as transfer of equity for example within a business or such like.
Best regards Chris
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