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08 October 2012

I am living in my Buy to Let mortgage since i bought the house and have spent £20k on renovation. Am i liable for CGT when i sell?

I have a basic plus commission based salary and even though i had a 45% deposit i did not qualify for a residential mortgage. I am therefore living in my buy to let mortgage property as my principal residence and have spent £20k on renovation.I have proof of this. As i am just about to finish renovation, should i inform the tax man straight away that even thought it is a BTL it is my private residence? Will i be liable for CGT if i do not rent out my property? I intend to switch to a residential mortgage after my fixed two year term comes to an end and early payment charges end. I am quite certain that my income at that point in time will be enough for a residential mortagage.

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