Do I pay capital gains Tax on my only owned home if I've rented it out and have lived with mother

Al1976

Hi
I bought my property in 2004 and myself and my family lived in it until 2012. My father passed away in 2012 and my mother asked us to move in with her and we have been there ever since. Its a large house and we have helped maintain it.
I have had the same tenant in my house for the duration and pay tax on the income. We need to sell it as we want to move out of my mothers house now because she wants to sell and we want to buy something bigger. Will I be liable for capital gains tax?
Any help much appreciated

xylophone

https://www.gov.uk/tax-sell-property/work-out-your-gain

You do not pay Capital Gains Tax when you sell (or ‘dispose of’) your home if all of the following apply:

• you have one home and you’ve lived in it as your main home for all the time you’ve owned it
• you have not let part of it out - this does not include having a lodger
• you have not used a part of your home exclusively for business purposes (using a room as a temporary or occasional office does not count as exclusive business use)
• the grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total
• you did not buy it just to make a gain

If all these apply you will automatically get a tax relief called Private Residence Relief and will have no tax to pay. If any of them apply, you may have some tax to pay.

Apart from the four years after purchase, your home has been rented to a tenant and therefore you will need to check your CGT liability.