Remortgage amount

Remortgage amount

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Bought the 2nd property in 2001 for 80,000

last year in January, remortgaged the property and took £50,000 from it.

Do we need to calculate the CGT for this £50,000?

Thanks all

Replies (3)

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By ACDWebb
20th Jan 2012 13:08

No

you don't.

CGT is due when you sell the property on proceeds less original cost

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By Emthi
20th Jan 2012 13:52

Thank you very much

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By TaxationPete
20th Jan 2012 15:06

Is this a rental property. Regards Peter

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