CGT on Remortgaged Property

I have owned a property for 30 years (bought for £25k), after owning the property for approx 5 years I remorgaged (an extra £35k) to have some work done on it. For the past 15 years the property has been rented out to a long term tenant who has recently moved out. Do I have to pay CGT on any profit above the original purchase price or is it something else? I remember seeing something about using the value of the property in 2015? I would really like to sell but if the CGT is on the original price I don't think the sale price will cover the remaining mortgage and the CGT 😕 Any thoughts would be much appreciated.

Hi,
If you are UK resident, it is based on the original purchase price. You can deduct the costs for any capital improvements as well as selling costs to work out any gain due. Please refer to guidance using the links below:
CG15180 - Expenditure: enhancement expenditure
CG15250 - Expenditure: incidental costs of acquisition and disposal
Thank you

Hi Thanks for the reply, so if I'm reading this correctly I can add the costs of new roof, new walls, damproofing, windows, kitchen, bathroom, etc? What about radiators and boiler? This work was done many years ago and I won't have receipts for the work, they were, in the main done when it was my main residence and I never envisaged needing the receipts. What evidence would I need? If all this could be taken into account I still think I would be in a negative situation, but to a level where it would be better for my sanity than to try and keep it and rent out again. Can any CGT be paid over an agreed period, without penalty? Over 12 months for example.

Hi,
Radiators and boiler are replacements and not improvements(normally replace like for like) so not allowable for CGT.  
With regards to payment, this is normally expected within 60 days but you can ask for a payment plan, this will not necessairly stop any interest or penalties.
Thank you.

Thanks, There was no heating (except gas fires) when I originally bought the property, can they be used in this case. The work on the house was done many years ago and I won't have receipts for the work, they were, in the main done when it was my main residence and I never envisaged needing the receipts. What evidence would I need?

Hi,
Yes you can claim.
You would need some sort of evidence to show how much you paid.
If not, you will need to have a reasonable estimate of what it cost and make reference to this in your calculation.
Thank you.