Q&A

Answer a question


13 August 2012

Capital Gain on 2nd home

Exactly two years ago we decided to rent our house out which we live in for 8 years as we could not sell at the time. We now own another property we have lived in for the last two years which we plan to stay in. My mortgage is due now but I heard you have to sell with 3 years to avoid capital gains tax. My lodger is signed up till May 2013. If we kept the property and took out another 2 year fixed as I don't want to go on the standard variable rate, would we have to pay capital gains we have about £60,000 equity. Any help would be great

  • REPORT This comment has been reported.

5 Answers

Answers

Be the first to answer

Do you want to answer this question? You need to be signed in for this feature

Answer a question

Be the first to ask a question

  • {{ question.title }}

    {{ question.authorName }} On

    {{ question.answerCount }} Answers

Copyright © lovemoney.com All rights reserved.

 

loveMONEY.com is a company registered in England & Wales (Company Number: 7406028) with its registered address at First Floor Ridgeland House, 15 Carfax, Horsham, West Sussex, RH12 1DY, United Kingdom.


Our company maintains relationships with various affiliates and lenders, which we may promote within our editorial content in emails and on featured partner pages through affiliate links. Please note, that we may receive commission payments from some of the product and service providers featured on our website. In line with Consumer Duty regulations, we assess our partners to ensure they offer fair value, are transparent, and cater to the needs of all customers, including vulnerable groups. We continuously review our practices to ensure compliance with these standards.


While we make every effort to ensure the accuracy and currency of our editorial content, users should independently verify information with their chosen product or service provider. This can be done by reviewing the product landing page information and the terms and conditions associated with the product. If you are uncertain whether a product is suitable, we strongly recommend seeking advice from a regulated independent financial advisor before applying for the products.