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Is there any tax relief in this situation
Tax Planning and Financial

Landlord
Landlord
1 Thanks
29 Posts
3 years ago
0
Hello, I sold one of my properties earlier in the year. After taking our annual CG allowances in to account, this generated a capital gain tax liability of around £3500 or myself and equally another £3500 for my wife. At that time we hadn't planned to buy another property but one has become available and we intend to now buy it.

This house we are buying has a 3% stamp duty attached (£4500).

My question is - is there any way to offset the Capital gains tax liability because we have reinvested back into property?

Just for information : The house I sold was 100% owned outright (no mortgages). This house we are buying now we have decided to use a BTL mortgage so just putting a £40K deposit down.

So second question - has all tax relief on mortgage payments been removed now?

Thanks if any creative minds can advise on this matter.

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