How long can you keep a ex-primary residence for

Viks

How long can you keep an ex-primary residence for that has now been let before you can sell it with the capital gains tax exemption. A valuation was carried out on the property at the time it was sold - does this fix the tax free allowance at this price? If not do i have to sell the propert within 2 years of moving out to be entitled to the tax exemption as i used to live there for a number of years.

TIA

fengirl_2

The valuation done has no bearing on the CGT liability.
The calculation will be:
Selling price
less purchase price
then the number of months it was occupied as a main residence are exempt, as are the final 36 months of ownership. In addtion, up to £40k is also exempt in respect of letting relief.

Viks

The £40k letting relief - is this tax free income? I will look into letting relief as i have not heard of this before.

Is the increase in value apportioned between primary residence and period let (excluding last 3 years) for cgt purposes?

Thanks