House selling and CGT

orcadia

I'm getting very confused trying to work out if I need to pay capital gains tax on selling my house.

I bought the house in 2007 as my main and only residence. I had to move to another area for work (not with the same employer) 2 years ago, as there wasn't enough work (as a supply teacher) and there were no permanent jobs in the area. I decided not to sell my house as I didn't know what the job situation would turn out like, as I could only get temporary work, so for the past 2 years I have rented a flat and rented out my house. Now I've finally managed to get a permanent job so want to sell my house so I can buy a property in the area I'm now living and working in.

As it was only within the last 36 months of ownership that I wasn't resident, does that affect the amount of relief I am entitled to? I'm finding the rules very confusing and the examples given on the HMRC website have nothing similar to my situation.

Many thanks to anyone who can help me make sense of this!!

antrobus

A question best asked on the Cutting Tax board.

But anyway. (1) If you bought in 2007, and sell in 2013 will you actually sell the house for more than you paid for it? (2) As far as private residence relief for CGT is concerned, the last three years of ownership are always a freebie, so you should be OK

00ec25

its very simple and whether you have made a gain or not is utterly irrelevant given the dates you list

it ceased to be your main home less than 36 months (CGT timeline is measured in months not years) before you sold it therefore you have NO CGT LIABILITY at all as your entire ownership period is covered by a) actual occupation as your main/only home and b) the "deemed occupancy" period before you sold it (AKA "the final 3 years rule")