Hi all,
I've trawled through a few pages but haven't come across my scenario, so any assistance is appreciated.
Property A - Purchased as my home in 2006. During my ownership I have rented out this property for approximately 4yrs 8mnths. I have been back living in the property since 2018. Capital gain if sold approx £125k
Property B - Purchased in 2010 as a BTL. Always been let and I have never lived in this property.
If I sell property A and use most of the capital gain to pay off the majority of the mortgage on property B, does this defer my CGT liability on property A?
I believe my CGT liability before 6th April is minimal, but my concern is after 6th April......If by using the gain from A to invest in B isn't classed as reinvesting, I believe my CGT could be around £10k or more!
I'd like to think I can sell property A before the 6th April, but what if?? And is the 6th a 'fixed' date regardless of where u are in the selling process?
Thank you
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