Question:
If I sell my residential property, and with the money from my residential property I purchase a buy-to-let property and then decide to sell the buy-to-let property, would I pay tax?
Arthur Weller replies:
Yes, if you sell this new buy-to-let property at a price higher than the price you paid for it, you will have to pay capital gains tax (CGT). Your current property is only exempt from CGT if it has been your principal private residence for all the period of your ownership.
