I would like some advice on my rental property. I purchased the house in July 2001 for £261,000 . I lived in the house for 3 years and then moved out and purchased another property which then became our main residence. Since moving out of the property we rented it out up until December 2013 so in total it was let out for 9 years. Since then it has been vacant.
I currently have an outstanding mortgage of £272,000. We put the property up for sale and have received an offer of £360,000. If the sale goes through I will be making a gain of £88,000 before legal expenses.
I would like to know how much Capital Gains Tax I will be required to pay. Also can I claim back the Stamp Duty I paid when I purchased the property and the legal expenses which I incurred when buying and now selling the property.
I will be very grateful for all help and advice received.
Thanking you all in advance