I have a 260,000 mortgage which is the amount I had to borrow to buy out my previous partner when she returned to the UK 3 years ago.

The valuation on the nota simple is 180,000

If I sell the property for 260,000 will I have to pay tax on the difference between the valuation and the selling price (260,000-180,000)X18% = 14,400, or do they calculate tax on the difference between repayment of the mortgage and selling price, ie 0.

I am unable to continue my mortgage payments as I have no job at preset.