25euronote
Registered User
- Messages
- 105
Firstly,
Apologies if I'm in the wrong forum.
I have been seriously ill for last 8/9 months with little or no income. I have a property that has been rented out for the last 18 years. There are two years left on the mortgage. Currently I pay little or no interest (tracker rate of 1.3%). The rent I receive does not meet the mortgage, however as I am paying off principle I'm being hammered with the tax. There is a balance of about 28 k on the mortgage.
This house was to be our pension but current circumstances mean I have to sell it.
My question: If the house is sold, can I reinvest, say 50k, from the proceeds in a new limited company (I want to set up an online business but need seed capital). Can this money be transferred / invested without being subject to capital gains tax?
Cheers
Apologies if I'm in the wrong forum.
I have been seriously ill for last 8/9 months with little or no income. I have a property that has been rented out for the last 18 years. There are two years left on the mortgage. Currently I pay little or no interest (tracker rate of 1.3%). The rent I receive does not meet the mortgage, however as I am paying off principle I'm being hammered with the tax. There is a balance of about 28 k on the mortgage.
This house was to be our pension but current circumstances mean I have to sell it.
My question: If the house is sold, can I reinvest, say 50k, from the proceeds in a new limited company (I want to set up an online business but need seed capital). Can this money be transferred / invested without being subject to capital gains tax?
Cheers