Hi,
I have been living in my main residence for 3years and I have decided to rent out it ( buy to let) and buy a new property as main residence.
I took a repayment mortgage on the buy to let.
The property value was 425k when I started the buy to let.
After 5 years the value of the property is still the same , 425k but the repayment mortgage repaid some capital , 90k .My mortgage was 320k but after 5 years the value is 230k ( =320k-90K).
I have decided to pay back all the mortgage left ( 230K ) and sell the property at the same price 425k.
Do I need to pay any CGT?
Thanks a lot
Nomura
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