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  • Tax

    Capital Gains with a changed situation.

    Hi everyone, long term lurker so please be easy on me.

    My wife and I currently have 2 B2L's and we're just finishing off a refurb of our 3rd which has taken just over a year to do up from when we bought it. The plan was to also let this one.

    We've just split up and I am now a resident of this property while we finish the refurb. The plan is to now sell this property once it is finished and I think it should all be sorted in 7 months as we have been offered a good price for the property privately. So the question is. What will the tax implications be? We bought the property for £100k and have a mortgage for £75k.

    The money from this sale is to set me up with a house.

    Thank you in advance for the input and advise.

    Matt.

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