capital gains tax on second property

[chainy]

Simple question but I can't find a straight answer online. I have a second property I purchased for £95.000 I have owned second property for 5 years and i am now looking to sell. I had it valued recently
at £85,000. if I sell the property for its current valuation I am assuming I won't have any capital gains tax to declare or pay as I would have made no profit between the purchase and then the sale of the second property..

Is that correct in my thinking.. you only pay capital gains if the value has gone up.

[______]

It’s a tax on gains, how much gain have you made?

[markbigears]

How have you made a loss over the past 5 years?

[Eric Mc]

If the sale proceeds are less than the price you paid when you bought it, you do not have a capital gain, you have a capital loss. Therefore, there is no Capital Gains Tax due.

[Wololo]

markbigears said:

How have you made a loss over the past 5 years?

Cladding scandal and difficulty mortgaging flats has torpedoed the market for flats since 2017. It could easily happen...

[forest07]

chainy said:

Simple question but I can't find a straight answer online. I have a second property I purchased for £95.000 I have owned second property for 5 years and i am now looking to sell. I had it valued recently
at £85,000. if I sell the property for its current valuation I am assuming I won't have any capital gains tax to declare or pay as I would have made no profit between the purchase and then the sale of the second property..

Is that correct in my thinking.. you only pay capital gains if the value has gone up.

That’s correct. No capital gains tax to pay.

[Mr Pointy]

chainy said:

Simple question but I can't find a straight answer online. I have a second property I purchased for £95.000 I have owned second property for 5 years and i am now looking to sell. I had it valued recently
at £85,000. if I sell the property for its current valuation I am assuming I won't have any capital gains tax to declare or pay as I would have made no profit between the purchase and then the sale of the second property..

Is that correct in my thinking.. you only pay capital gains if the value has gone up.

Have you made any other capital gains in the same tax year? You can offset this loss against them if you have.