CGT Help on sale of property

[Merkinglue]

My situation is;

Bought property 1 2004 for approx £200k
Lived in it until 2016 as main residence.
Moved to property 2 in 2016 and kept property 1 on a BTL mortgage (Valued at £300k for mortgage purposes)

Now looking to sell property 1 for £400k.

Is my capital gain £200k (Selling price minus original price)
or £100k (Selling price minus valuation when it became BTL).

I'm ignoring allowable costs and personal alowance for now, just trying to understand my starting point.

Cheers folks.

[genou]

Your gain is 200k. That gain is apportioned in months, between the period you lived in it, and the period you didn't, and you get the last 9 months chucked in for free. The 9 months + time lived in the house are tax free, the rest is not ( subject to your annual exempt amount ).

Have a look at Example 4 here - https://www.gov.uk/government/publicati ... lief-works

[Merkinglue]

Thank you.