property gains tax advice

Marcanthony

I Hope someone can advice on this situation. I would appreciate your advice/experience.

I have a property I bought for 350k. I paid approx 18k stamp duty and 30k for repairs (i have the receipts) and approx 3k on outlays solicitors fees ect. A total of approx 400k.

My question is (I paid a large deposit at the time) after ten years of rental (which was at the time and still is my plan) to sell the property. I will recieve in rental approx 120k and approx half of this will be intrest paid. At the end of the ten years of rental.If the property is worth the same price it is today (approx 200k) and the outstanding balance on the mortgage at the end of the ten years is 200k. Will I be liable for property gains tax or any other sort of taxation.

If I am not liable for a property gains tax. Based on the figures provided.What would be the sale price of the property before paying any capital gains tax.I do return my annual tax returns each year.

Thanks in advance.

dbran

Hi

It is beyond the scope of this forum to give specific advise on Capital Gains tax due to the complexity of the area and and level of money involved.

You should get professional advise.

Kind Regards

dbran