Selling my second property

by **GCTRINITY** on Mon Jan 16, 2012 3:40 pm

Hi all
First posting so please have patience. I purchased a second home (buy-to-let) in Feb 2007 (for £140k) and sold it in Dec 2010 (for £140k), clearly no CGT to pay. Are there any allowances that I can claim for on submission of self-cert 10/11 which relate to this? i.e. the selling fees /solicitors fees / renovation costs / payment of mortgage whilst property was vacant.

Any advice would be gladly received, many thanks.

by **King_Maker** on Mon Jan 16, 2012 3:55 pm

Buying & selling fees should be allowable.

Mortgages don't figure in a CGT calculation.

by **GCTRINITY** on Mon Jan 16, 2012 5:30 pm

Hi
Perhaps I didn't explain too clearly during initial post, I won't be liable for any CGT (zero profit on sale). I just wanted to know if any associated costs of sale/mortgage interest payments could be claimed during the 10/11 FY Tax year.

by **King_Maker** on Mon Jan 16, 2012 5:51 pm

Will not the fees I mentioned above create a CGT loss?

Mortgage interest is an Income Tax deduction, not for CGT.

by **Peter D** on Mon Jan 16, 2012 5:52 pm

The morgage interest was detuctible from the rental income, surely you claimed that thoughout the rental period. You can claim the costs of acquistion and the costs os selling ang legal fees. This will produce a capital loss which you can carry forward to use against capital gains in the future. Regards Peter