CGT on Only Property which was rented for 5 years

abdulh

I need some advice.

I bought a property in 2000 and lived in it for 2 years. This was my primary and only property. I then moved out and let the property for 5 years. In this time I was renting a room somewhere else to live in so I did not own any other properties.

Now I have taken my property back and want to sell it so that I can buy a property in a nicer area to move into and use as my primary residence.

What I need to know is will I need to pay CGT? Someone said that if I live in the property for a period of time I will not be liable for CGT as it will be my primary residence and I dont own any other property. If this is the case how long do I need to live in it?

Here are the figures:

I bought the property at £115,000
I am hoping to sell it for about £225,000

From what I have read there will be Taper Relief, Main residence relief (for part of the period), private letting relief and an annual allowance.

Will I have to pay much CGT?

Thanks in advance for your advice.

abdulh

Thank you very much for your advice. I really appreciate it.