how much capital gains tax will i have to pay?

Question

I bought a house in 1998 for £25k, I remortgaged it in2003 and I owe £46k still on the mortgage. I have rented the house out since 1998 to family and have never lived in it. I want to sell it now,it is worth approx £90k

Answer 1

According to the site below, you won't have anything to pay.

Answer 2

I assume that the above answerer thinks the house will get full private residence relief, but the questioner says he has never lived in it, so this is incorrect.

The Capital Gains Tax would be between £5.6k and £18.2k depending on other circumstances.

If you sell for £90k you will have made a gain of £65k. You will get taper relief of between 30% and 40% depending exactly when in 1998 you bought the house. You may also get a small amount of indexation allowance.

So the taxable gain will be between £38.7k and £45.5k. From this you can deduct any of your capital gains annual allowance that you have not used against other disposals in this tax year. The current annual allowance is £9.2k.

The resulting amount will be added to your other taxable income for the tax year and charged to Capital Gans Tax at:
10% below the starting rate limit,
20% between the starting rate and basic rate limits
and 40% above the basic rate limit.