Here's my situation:
I currently live & work in Manchester.
I moved down from Scotland and bought a house in 2000, for me & my uncle to live in.
After 2 years, my sister also moved down from Scotland and started a graduate job but could'nt finance a property on her name alone, so we bought a house together in joint names in 2003 (standard mortageg).
Last year (2006) she got married and moved out and I then got the joint mortgage moved into my sole name only and since then I have been living in the property, but with my uncle and his family still living in the first property.
I now have two properties mortgaged under my name !
I am hoping to start refurbishment works on the current home next month with the hope to sell if a got made a good offer.
I was wandering if I would need to pay CGT if I sold my current home or what other tax liabilities I may incur ?
If tax is applicable, then how do I best minimise the tax amount due ??
Any help appreciated, thanks.
PS. Does anyone know of a good/trustworthy mortgage broker in Manchester ? (I am 2 miles south of the city).
Regards,
Ifty
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